Overview

• Adidas reported a 155% increase in net income and a 12.7% rise in sales for Q1 2025, driven by strong performance in core sneaker lines like Samba and Gazelle.
• Despite robust results, the company chose not to upgrade its 2025 guidance, citing uncertainty over U.S. import tariffs, particularly on goods from Southeast Asia and China.
• Adidas confirmed that higher tariffs will lead to increased prices for all its U.S. products, though the exact impact on consumer demand remains unclear.
• While Adidas has minimized exports from China to the U.S., it remains exposed to tariffs on goods from other key manufacturing regions like Vietnam and Indonesia.
• The company reaffirmed its full-year targets of high-single-digit sales growth and €1.7–1.8 billion in operating profit but warned of potential negative pressures later in the year.