Adidas Falls to Three-Year Low as Profit Forecast Disappoints

Adidas AG shares tumbled to a three-year low after the sportswear maker’s earnings forecast disappointed investors hoping for bigger profits from the German brand.

The company expects an operating profit of around €2.3 billion ($2.7 billion) this year, it said Wednesday, well shy of analysts’ estimates.

The shares fell as much as 8.3% to the lowest since January 2023. They are down about 43% in the past year.

In a bid to reassure investors, Adidas extended the contract of Chief Executive Officer Bjorn Gulden — the architect of the company’s revamp of recent years — through 2030 and elevated Egyptian ...