Adidas Nth America sales lag as US tariffs bite
By Frank Prenesti
Date: Wednesday 29 Oct 2025
(Sharecast News) - North America sales at German sportswear maker Adidas dragged behind regional peers as the impact of US tariffs bit in the third quarter.
Revenues for North America rose 8% year on year compared with other geographies which rose 10% - 21% in the period.
"The environment is volatile with the tariff increases in the U.S. and a lot of uncertainty among both retailers and consumers around the world," said chief executive Bjorn Gulden.
Adidas last week increased its profit guidance for 2025 despite a mixed third quarter from the German sporting goods group, with top-line growth coming in slightly below market estimates despite revenues hitting a record high.
Full-year operating profit is now expected to increase to €2.0bn, up from earlier guidance of €1.7b-1.8bn and the €1.4bn made in 2024.
"The improved profitability outlook reflects continued brand momentum, the better-than-expected business performance as well as the company's successful efforts to partly mitigate the additional costs resulting from increased US tariffs," the company said.
Currency-neutral revenues are expected to rise by 9% in 2025, compared with previous guidance of a high-single-digit improvement.
Reported revenues over the three months to 30 September totalled €6.66bn, up 3% from €6.44bn the year before. In currency-neutral terms, revenues would have risen by 8%, with comparatives including the impact of Adidas selling its remaining Yeezy inventory at the end of last year.
This was slightly behind the company-compiled consensus estimate of €6.71bn.
However, gross margin improved by 0.5 percentage points year-on-year to 51.8%, as the company was able to offset unfavourable currency movements and higher tariffs. As such, operating profit jumped to €736m from €598m, comfortably ahead of the €694m expected by analysts.
Reporting by Frank Prenesti for Sharecast.com
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