Adidas reduces inventory levels more than planned

BERLIN (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 (OTC:) 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.

($1 = 0.9359 euros)