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Adidas said profits were stronger than expected in the first quarter, highlighting a divergence in fortunes among leading sportswear brands amid heightened global trade tensions.
Operating profit at the German group nearly doubled to €610mn, up from €336mn for the same period a year earlier and ahead of analysts’ forecasts of €546mn. Revenues rose 13 per cent at constant currencies to €6.1bn, marking the strongest first quarter for sales in its history.
“Double-digit growth across all markets and channels in today’s volatile environment shows the strength of our brand,” chief executive Bjørn Gulden said on Wednesday.
Adidas shares climbed more than 5 per cent in after-hours trading. They have recovered most of their losses since early April, when the US imposed some of its highest tariffs on manufacturing hubs such as Vietnam where sportswear brands have made big investments.
US President Donald Trump has suspended the duties but the measures have rattled global supply chains and hit investor confidence.
Shares in Nike have dropped more than 12 per cent over the same period as the US sportswear giant contends with slowing sales and margin pressure. The group is also facing mounting competition from smaller running shoe brands such as On and Hoka.
Nike last month forecast a “mid-teens” percentage decline in revenues in the current quarter, which runs until May. German rival Puma, meanwhile, warned last month that trade disputes would hit sales growth this year.
Adidas, meanwhile, has benefited from a surge in demand for retro styles over the past two years, particularly its Samba and Gazelle trainers, which have fuelled sales across markets.
Gulden, who took the helm in 2023, has overseen a sharp turnaround at Adidas following the fallout from its lucrative but controversial Yeezy partnership with Kanye West, which was terminated in 2022 after the rapper made antisemitic remarks.
The company completed its final sale of Yeezy stock at the end of last year.
Despite the strong quarter following three increases in its annual forecast last year, Adidas made no mention of its 2025 targets in Wednesday’s preliminary results.
Gulden has previously signalled a cautious approach to long-term guidance, citing ongoing geopolitical uncertainties and shifts in consumer sentiment.
Adidas will release complete quarterly results on April 29.
