EXEC: Adidas Brand Posts 17 Percent Sales Gain in Q1 Excluding FX Shifts

April 23, 2025

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). 

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. SGB