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Adidas said that revenues were up 13 per cent year-on-year to €6.2 billion in the first quarter of fiscal 2025 on Tuesday, confirming last week’s preliminary results and exceeding analyst expectations. Excluding Yeezy sales from the year prior, revenues were up 17 per cent. (Adidas completed the sale of the remaining Yeezy inventory at the end of last year, so the first-quarter results do not include any Yeezy contribution.) “There is no more Yeezy business. There is no more inventory. That whole thing is history,” Adidas CEO Bjørn Gulden told investors on Tuesday morning. “We had a very strong first quarter. To be honest with you, it was stronger than we expected,” Gulden said on Tuesday’s call. “I think partly because we have very good product that we have launched, and secondly that both the brand and the operations in the different markets are working better and better. And that’s despite, of course, the challenges that we have talked about that have now been accelerated by the US tariffs.” In dealing with tariffs, Gulden said that Adidas custom cleared as much inventory as possible before 4 and 9 April, re-routed products from China and conducted a pricing review. “I have seen certain press writing that Adidas is raising prices. That is not true. What we’ve said is that, should duties stay, then of course there will be price increases in the US market,” Gulden said. “But we will not be the first to move on prices, we will follow what the market leaders are doing. Should the duties go away again, there will not be price increases.”Ole Miss Rebels Beat Georgia Bulldogs Hotty Toddy Cfp 2026 Allstate Sugar Bowl Champions Shirt
The real price increases will be higher than the duties, he flagged, because brands need to keep margins for themselves and retailers. That said, Gulden declined to give numbers due to the speculative nature of the mathematics. “I hope you have the understanding that to give straight answers is very difficult when you don’t know what the duties are tomorrow.” Right now, most global tariff rates sit at 10 per cent, with the exception of China, Canada and Mexico, until the 90-day pause expires in July. The tariff situation weighs on Adidas’s full-year outlook. Though the company confirmed its expectation that sales will increase at a high-single-digit rate in 2025, executives flagged that volatility and macroeconomic risks have increased significantly since the company first issued its full-year outlook at the beginning of March. “Given the direct impact of the current tariffs that we see, and the danger of these tariffs going even higher after the 90 days — plus the possible negative impact on the consumer in the US — we warned that there might be some negative pressure on this, because we don’t really know,” Gulden said.
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