Sportswear retailer Adidas on Wednesday raised its forecast for the first quarter, after predicting an initial loss of $20 million.
Adidas said it expects to sell a net $15.3 billion in its third quarter, up from $12.5 billion the previous quarter.
The company also forecast a loss of about $2 billion for the year, which would be roughly in line with what it forecasted in April.
Advisers expect the stock to decline by more than 6% from a record high of $137 a share on Monday.
The stock has lost more than 30% since its June peak.
The company said it was planning to expand its retail sales, which will also help offset a decline in its retail profits.
Ads has a long history of operating at a loss.
Its earnings fell sharply last year after the company’s CEO, Herbert Hirsch, announced that the company was slashing its spending on marketing and sales, including the sale of adidas’ logo to Nike.
Hirsch said at the time that the decision was based on the perception that the brand was losing ground to Nike in terms of performance.
Adasl had a disappointing third-quarter, posting a loss that was well below analysts’ estimates.
It had expected to lose $1.5 to $1 per share.
The stock ended the day at $138.93, up more than 1%.
The Nasdaq Composite Index closed at 1,098.21, up 0.4%.