Adidas reported preliminary results for the first quarter of 2025, indicating that revenues grew nearly €700 million year-over-year to €6.15 billion, compared to €5.46 billion in Q1 2024. In currency-neutral terms, company sales increased 13 percent year-over-year (y/y). Excluding Yeezy sales in the prior year, currency-neutral revenues for the Adidas brand increased 17 percent y/y for the quarter, driven by double-digit y/y growth across all markets and channels.
Total company gross margin improved 90 basis points to 52.1 percent of sales, compared to 51.2 percent in Q1 2024. Adidas brand gross margin, excluding Yeezy sales increased 160 basis points y/y.
Operating profit improved to €610 million, or 9.9 percent of sales, in the first quarter, compared to €336 million, or 6.2 percent of sales, in the 2024 first quarter.
Adidas completed the sale of the remaining Yeezy inventory at the end of 2024, and results for the first quarter of 2025 do not include any Yeezy contribution.
“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,” commented Adidas CEO Bjørn Gulden. “The operating profit of €610 million and the 9.9 percent operating margin prove the great potential of our company. A great quarter!”
Adidas shares closed up 5.7 percent to €216.00 on April 23 as the Adidas Brand drove better-than-expected company results.
Image courtesy Adidas
