Shares of Adidas jumped 6.3% on Wednesday after the company unexpectedly raised its full-year guidance and reported a year-on-year profit increase in the first quarter.
Operating profit for the year is now expected to reach around 700 million euros ($745 million), Adidas said in its unscheduled trading update published late on Thursday.
It had previously forecast operating profit near 500 million euros.
Adidas has been selling off its Yeezy inventory since breaking ties with Ye, the rapper formerly known as Kanye West.
The company also said its first-quarter operating profit rose to 336 million euros, up from 60 million in the same period of last year, according to preliminary figures.
Persons:
Ye
Organizations:
Adidas, Kanye
Locations:
Novato , California, German