Adidas posts strong Q1, warns €100m

Adidas had a very good first quarter. That’s the simple version. Sales rose 14% on a currency-neutral basis to €6.6 billion, and operating profit(adidas-group.com)d it is getting messier, not cleaner. (adidas-group.com)ales grew 22% globally, with e-commerce up 25% and owned retail up 19%. The gross margin came in at 51.1%, and net income from continuing operations rose 1(finance.yahoo.com)t DTC growth, which is unusually broad. (adidas-group.com) ### So why the warning? Because a strong quarter doesn’t cancel a fragile next one. Adidas said conflict in the Middle East already hurt sales in severa(adidas-group.com)hit could reach roughly €100 million if disruption continues. That’s not a companywide collapse, but it is big enough to matter when you’re trying to keep momentum clean. (adidas-group.com) ### Is this about demand or about logistics? Mostly not demand — at least not yet. The issue is store cl(adidas-group.com)t is “very volatile” and heavily discounted, especially in lifestyle footwear. Basically, consumers still like the product, but the route from factory to full-price sale is getting bumpier. (adidas-group.com) ### What’s selling right now? Performance is doing real work. Adidas highlighted running growth of more than 10%, and it leaned hard (adidas-group.com) support beam as the company shifts marketing toward the 2026 FIFA World Cup. Apparel is also helping more than people sometimes assume — management said the apparel offer “has never looked better.” (adidas-group.com) ### What about Sambas and retro sneakers? They still matter, but they’re not the whole story an(adidas-group.com)le footwear is also where discounting is heaviest right now. So the company is trying to keep those franchises desirable without flooding wholesale channels and training shoppers to wait for markdowns. (adidas-group.com) ### If the quarter was this good, why not raise guidance? Because management thinks 2026 still has too many moving parts. Adidas k(adidas-group.com)ther could cut full-year operating profit by around €400 million, with the pain concentrated in the first half. In other words — the business is executing well, but macro noise is eating the upside. (whbl.com) ### What should readers take from this? Adidas looks healthier than the headline warning suggests. The brand is selling, margins are h(adidas-group.com)isk, tariffs, currency swings, and a discount-heavy retail market. (adidas-group.com) ### Bottom line? Adidas didn’t just post a strong quarter. It showed that the turnaround still has legs. But Q2 will test whether product momentum is strong enough to absorb a world that keeps getting more expensive and less predictable. (adidas-group.com)er-of-2026))