adidas on Tuesday increased its 2024 sales forecast after reporting better-than-expected results in the third quarter of this year, according to 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 demand for its retro three-striped Samba and Gazelle shoes.

Adidas raised its earnings and sales guidance for the year, citing better-than-expected results for the third quarter and brand momentum. The German sportswear company said Tuesday that it now expects operating profit for 2024 to be at around 1.

After a better-than-expected third quarter, German sportswear manufacturer Adidas has once again raised its forecasts for the current year. The company announced after the market closed from its headquarters in the Bavarian town of Herzogenaurach on Tuesday that operating profit is now expected to reach around €1.

Adidas (OTC: ADDYY) also reported improved profitability, with its gross margin rising 2 percentage points to 51.3%, compared to 49.3% in Q3 2023. Operating profit surged to €598 million, boosted by approximately €50 million from sales of remaining Yeezy inventory.

Analysts drew contrasts with Nike’s struggling performance after Adidas reported another beat-and-raise quarter.