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Adidas Raises 2024 Guidance Again, Citing Good Brand Momentum

An Adidas shoe is seen in a store at the Woodbury Common Premium Outlets in Central Valley, New York, US, February 15, 2022. (Reuters)
An Adidas shoe is seen in a store at the Woodbury Common Premium Outlets in Central Valley, New York, US, February 15, 2022. (Reuters)
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Adidas Raises 2024 Guidance Again, Citing Good Brand Momentum

An Adidas shoe is seen in a store at the Woodbury Common Premium Outlets in Central Valley, New York, US, February 15, 2022. (Reuters)
An Adidas shoe is seen in a store at the Woodbury Common Premium Outlets in Central Valley, New York, US, February 15, 2022. (Reuters)

Adidas on Tuesday raised its full-year sales and profit guidance, citing better than expected performance in the third quarter and good brand momentum as it benefits from popularity of its three-striped Samba and Gazelle shoes.

The German sportswear brand raised its forecasts for the third time this year, saying it now expected currency-neutral revenues to increase by around 10% this year, having previously forecast a high single-digit rate.

Adidas also raised its profit forecast for the year to 1.2 billion euros ($1.31 billion) from 1 billion euros.

Over the third quarter, Adidas revenue grew 7% to 6.438 billion euros, slightly above analysts' estimates of 6.416 billion euros.

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Fashion

Michael Kors Owner Capri's CFO to Join Macy's as Finance Head

People walk by a Michael Kors store in Lakewood, Colorado June 1, 2016. (Reuters)
People walk by a Michael Kors store in Lakewood, Colorado June 1, 2016. (Reuters)
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Michael Kors Owner Capri's CFO to Join Macy's as Finance Head

People walk by a Michael Kors store in Lakewood, Colorado June 1, 2016. (Reuters)
People walk by a Michael Kors store in Lakewood, Colorado June 1, 2016. (Reuters)

Capri Holdings' chief financial officer and operations head, Thomas Edwards, will leave the luxury holding company to assume similar roles at department store chain Macy's in June.

Edwards, who has been with the company since April 2017, will be succeeded by unit Michael Kors' Rajal Mehta as interim CFO, Reuters reported.

The change at Capri comes amid reports of Italian luxury group Prada moving closer to a deal for its Versace brand.

In March, Capri said Donatella Versace would step down as the main designer for Versace after almost three decades.

Edwards will replace Adrian Mitchell at Macy's. Mitchell, appointed finance head in 2020, was most recently involved in a turnaround at the Bloomingdale's parent rolled out by CEO Tony Spring.