Adidas reported a strong start to 2025, with sales increasing by nearly €700 million to €6.15 billion in the first quarter. This represents a 13% rise on a currency-neutral basis, driven by a 17% growth in the Adidas brand itself, which experienced double-digit gains across all markets and channels.
Operating profit surged by 82% to €610 million, resulting in an operating margin of 9.9%. Net income from continuing operations more than doubled, reaching €436 million. The demand was fueled by new styles in both lifestyle and performance categories, with footwear sales up 17% and apparel up 8%.
Tariff Concerns
Despite the positive results, Adidas has expressed concerns regarding the potential impact of rising US tariffs on foreign imports. CEO Bjørn Gulden indicated that these tariffs could lead to increased costs and potentially higher prices for US consumers. The company is closely monitoring the situation to quantify the full effect on demand and is unable to determine the final tariffs.
Growth and Outlook
Key growth areas included retro trainers like the Samba, Campus, and SL72, alongside performance products such as Adizero running shoes and Predator football boots. Adidas maintains its full-year outlook, projecting high single-digit currency-neutral sales growth in 2025. Operating profit is expected to range between €1.7 billion and €1.8 billion.