Adidas upgrades forecast despite weaker North American sales

The German sporting giant reported third quarter sales were up 12% to €6.63bn (£5.84bn), driven by double-digit growth across markets, categories and channels.

Footwear revenue jumped 11% in the period, while apparel sales surged 16% and accessories grew 1%.

As a result, Adidas has upgraded its full-year operating profit forecast from between €1.7bn (£1.5bn) and €1.8bn (£1.6bn) to around €2bn (£1.76bn).

Chief executive Bjørn Gulden said that nervous retailers in the US were ordering less product upfront as they waited to see the full impact of President Trump’s tariffs on American shoppers.

Its North American division was the group’s worst-performing region during the quarter, after sales slipped 5% to €1.29bn (£1.13bn), due to a weak dollar.

Gulden said: “I am extremely proud of what our teams achieved in the third quarter with actual record revenues. 12% growth for the adidas brand, leading to total revenue of €6.63bn is the highest we have ever achieved as a company in a quarter. 

“I am especially happy to see that our performance business is growing strongly across categories and in all regions. The environment is volatile with the tariff increases in the US and a lot of uncertainty among both retailers and consumers around the world, but our teams work hard, and our brand and our products resonate well with consumers.

“2025 is a success for us already. 14% growth for the adidas brand year-to-date and an EBIT margin above 10% is proof of how strong our brand is. Being a global brand with a local mindset, empowering our markets to win their local consumers is the right strategy to be globally successful and is driving these strong results. 

“The focus is now on transitioning well into 2026, which will be another exciting sports year with the Winter Olympics right at the beginning, the biggest Football World Cup ever, and many more great events to look forward to.”