Adidas Shares Rise on Improved 2022 Profit Outlook Despite Q3 Revenue Drop

Adidas shares climbed as the company boosted its 2022 profit guidance, expecting around €100M adjusted operating profit.

Adidas reported a 27% decline in Q3 operating profit and 6% revenue drop, but was helped by selling remaining Yeezy inventory.

Adidas now forecasts low-single digit decline in revenue vs previous mid-single digit estimate. Q4 implied guidance is "highly conservative".

Puma and Just Eat Takeaway shares also rose on improved guidance and buyback plans respectively.

European indexes fell after a rise in US bond yields while pound was slightly stronger following higher than expected UK CPI data.