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Adidas Reduces Inventory Levels More Than Planned 

Football - FIFA World Cup Qatar 2022 - Third-Place Playoff - Croatia v Morocco - Khalifa International Stadium, Doha, Qatar - December 17, 2022 General view of FIFA president Gianni Infantino's Adidas shoes during the medal ceremony. (Reuters)
Football - FIFA World Cup Qatar 2022 - Third-Place Playoff - Croatia v Morocco - Khalifa International Stadium, Doha, Qatar - December 17, 2022 General view of FIFA president Gianni Infantino's Adidas shoes during the medal ceremony. (Reuters)
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Adidas Reduces Inventory Levels More Than Planned 

Football - FIFA World Cup Qatar 2022 - Third-Place Playoff - Croatia v Morocco - Khalifa International Stadium, Doha, Qatar - December 17, 2022 General view of FIFA president Gianni Infantino's Adidas shoes during the medal ceremony. (Reuters)
Football - FIFA World Cup Qatar 2022 - Third-Place Playoff - Croatia v Morocco - Khalifa International Stadium, Doha, Qatar - December 17, 2022 General view of FIFA president Gianni Infantino's Adidas shoes during the medal ceremony. (Reuters)

Adidas said on Wednesday that inventory levels continued to decline in the third quarter as the German firm curbed its selling into wholesalers, while lower costs helped increase its gross margin.

Inventory levels were down 23% on the year to 4.85 billion euros ($5.18 billion), a little more than expected, Adidas said.

Adidas last month lifted its full-year guidance, partly thanks to the positive impact of the release of Yeezy shoes during the second and third quarter.

Adidas' gross margin for the quarter was up 0.2 percentage points, to 49.3%, thanks to reduced freight costs and less discounting.

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Fashion

Puma Reports Q3 Sales Increase on Rising Running and Soccer Shoes Demand

The logo of German sports goods firm Puma is seen on a shoe after the company's annual news conference in Herzogenaurach February 20, 2014. (Reuters)
The logo of German sports goods firm Puma is seen on a shoe after the company's annual news conference in Herzogenaurach February 20, 2014. (Reuters)
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Puma Reports Q3 Sales Increase on Rising Running and Soccer Shoes Demand

The logo of German sports goods firm Puma is seen on a shoe after the company's annual news conference in Herzogenaurach February 20, 2014. (Reuters)
The logo of German sports goods firm Puma is seen on a shoe after the company's annual news conference in Herzogenaurach February 20, 2014. (Reuters)

German sportswear maker Puma on Wednesday reported a 5% rise in currency-adjusted sales for the third quarter as it sold more running and soccer shoes.

Quarterly currency-adjusted sales rose to 2.31 billion euros ($2.48 billion), broadly stable from a year earlier but short of the 2.36 billion euros expected by analysts, according to LSEG data, as negative effects from foreign exchange rates continued to weigh on the business.

Footwear sales were up 9.3%.

Demand for the recently relaunched Formula 1-inspired "Speedcat" shoe was strong, CEO Arne Freundt said in a statement.

The company confirmed its full-year outlook for currency adjusted revenue in mid single-digit percentage, and core profit (EBIT) of between 620 million to 670 million euros, citing a strong order book for the remainder of the year.