Adidas’ direct-to-consumer (DTC) revenues and e-commerce sales primarily contributed to this growth, with e-commerce sales rising by 43%.

The revenue growth was strongest in terms of worldwide footwear sales, which increased by 31% driven by sales of training, running, outdoor and lifestyle products.

The company’s quarterly net income was €554m, a 2,050.4% increase from €26m in the prior-year period. Net income from the company’s continuing operations reached €502m in this year’s first quarter.

adidas experienced growth in all its market segments, with a 156% rise in currency-neutral sales in Greater China. Its North America and Europe, Middle East and Africa (EMEA) segments both saw an 8% increase.

The company’s revenues increased by 18% in Latin America and 4% in the Asia-Pacific region.

The company said that extended lockdowns due to the Covid-19 pandemic had negatively affected EMEA sales, with its store opening rate in Europe falling below 50% in March.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Its operating profit increased to €704m, a surge from €48m in the first quarter of last year.

Adidas CEO Kasper Rorsted said: “We are fast out of the gate in the first year of our new strategic cycle, with excellent revenue growth, DTC-led sales increases in all market segments and strong profitability improvements.

“We upgrade our full-year outlook as we are now even more confident about a strong top-line recovery this year, even though the environment is not yet back to normal.”

Raising its outlook for the year, Adidas said it expects currency-neutral sales to rise by around 50% in the second quarter and at a high-teens rate in the full year.

The company kept its gross margin forecast at about 52% and predicted a 9-10% growth for its operating margin. Net income from its continuing operations is expected to be between €1.25bn and €1.45bn.

Its profitability outlook will include temporary stranded costs associated with the planned sale of Reebok. In the full year, these costs are expected to be €250m on the operating profit level and affect net income from continuing operations by around €200m.

Adidas said that around 30% of the €250m will reoccur next year, while the stranded costs will be eliminated by 2023.