The company’s revenues grew by nearly €700 million and reached €6.153 billion in Q1.
Adidas has announced preliminary results for the first quarter of 2025. The company’s revenues grew by nearly €700 million and reached €6.153 billion in Q1 (2024: €5.458bn). In currency-neutral terms, sales increased 13 percent. Excluding Yeezy sales in the prior year, currency-neutral revenues for the Adidas brand increased 17 percent during the quarter, driven by double-digit growth across all markets and channels.
The company’s gross margin improved 0.9 percentage points to 52.1 percent (2024: 51.2%). The year-over-year increase of the gross margin for the Adidas brand was even stronger, at 1.6 percentage points. Operating profit improved strongly to €610 million in Q1 (2024: €336m), reflecting an operating margin of 9.9 percent (2024: 6.2%).
Having completed the sale of the remaining Yeezy inventory at the end of last year, the company’s results for the first quarter of 2025 do not include any Yeezy contribution.
“I am very proud of what our team achieved in Q1,” Adidas CEO Bjørn Gulden said. ”Double-digit growth across all markets and channels in today’s volatile environment shows the strength of our brand and underlines the great job our people are doing. The operating profit of €610 million and the 9.9 percent operating margin prove the great potential of our company. A great quarter!”
Adidas will publish its final set of financial results for the first quarter and host its quarterly conference call on April 29, the company has communicated. As usual, SGI Europe will follow up with a longer analysis of the numbers that will be presented then.
