Revenue rose by 7% y-o-y, with double this growth at 14% on a currency-neutral basis - driven primarily by strong commercial momentum in China and Latin America.
In particular, the apparel and lifestyle segment stood out with sales growth of 24%, while the footwear segment, which still represents over half its consolidated revenue, saw sales decline by 2%.
The real feat lies in the distribution strategy, as Adidas' direct-to-consumer (DTC) channels - its own retail outlets and e-commerce sites - posted a 14% increase in sales. This suggests that Adidas is succeeding where Nike has struggled, namely in gradually reducing its reliance on third-party retailers to regain control over its margins.
Despite significantly higher resources, the American sportswear giant had previously hinted at a partial retreat from its DTC ambitions.
Coupled with the recent appointment of Egyptian billionaire Nassef Sawiris as Chairman of the Board, these developments bolster the position of Bjørn Gulden. The man who previously saved Puma took the helm of a then-struggling Adidas 3 years ago.
Under his leadership, Adidas has returned to growth after six years of stagnation and is gradually recovering a satisfactory level of profitability, although it remains hampered by costly customs duties, which cost the company another €120m in operating profit in 2025.
Trading at a relatively attractive valuation, at least relative to its historical average, this morning Adidas shares benefited from the release of its quarterly results. Also see Adidas: The day the three stripes took the lead again.
