Adidas sprints past market expectations with 82% profit jump |LAGOS EYE NEWS
German sportswear and apparel maker Adidas reported an operating profit up 82% to €610 million ($692 million) in preliminary first-quarter results released on Wednesday.
This beat the consensus estimate of €546 compiled by the company.
“Double-digit growth across all markets and channels in today’s volatile environment shows the strength of our brand and underlines the great job our people are doing,” said chief executive Bjørn Gulden in a statement.
Quarterly revenues grew to €6.2 billion from €5.5 billion in the previous year.
Excluding Yeezy sales in the prior year, currency-neutral revenues for the Adidas brand increased 17% in the quarter, driven by double-digit growth across all markets and channels.
With the conclusion of the sale of the remaining products from its cancelled partnership with controversial rapper formerly known as Kanye West at the end of last year, the company’s first-quarter 2025 results reflect no contributions from the once-lucrative partnership.
Adidas will publish its final set of financial results for the quarter on April 29, 2025.
– dpa
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