Overview

• Adidas reported a 14% rise in European Q1 sales, 13% in Greater China, and 26% in Latin America, but North America sales grew just 3% due to the Yeezy phase-out.
• CEO Bjørn Gulden highlighted that rising U.S. tariffs, including those on Southeast Asian imports, pose significant pricing and demand challenges.
• The company has minimized exports of China-made goods to the U.S. but remains partially exposed to elevated tariffs on Chinese products.
• Adidas expects currency-neutral sales to grow by 5–9% in 2025, with operating profits projected between €1.7 billion and €1.8 billion.
• While maintaining its guidance, Adidas warned of a wider range of potential outcomes for 2025 due to trade uncertainties and potential cost increases.