Following today’s release of Adidas’ figures for the three months ending 30 September 2025; Louise Deglise-Favre, lead apparel analyst at GlobalData, a leading data and analytics company, offers her view: “Adidas experienced some challenges in Q3 FY2025, with reported net sales increasing just 3.0% to €6.6bn, dampened by currency fluctuations, as a strengthened Euro hindered revenue by €300m. Currency-neutral sales increased 8%, rising to 12% when the sale of Yeezy stock is excluded from 2024, highlighting a sustained strong appetite among consumers for the brand’s products. Operating profit rose, by 23.1% in Q3 to €736m, leading Adidas to raise its full year outlook, expecting profits to reach around €2.0bn for FY2025, and currency-neutral sales growth around 9%. Adidas partially credits this improved profit guidance on its successful mitigation of US tariff impacts.
“Within the Adidas brand, footwear sales rose 11% in currency-neutral terms in Q3, achieving strong growths across major sports categories, especially in running where sales rose around 30%, driven by the Adizero range. Its Originals lines also contributed to a strong footwear performance, as new and exciting colorways of its Tokyo, Japan and Taekwondo models continued to generate demand. Adidas’ apparel sales continued to outperform footwear, rising 16% in Q3, once again supported by its Originals lines, as well as by successful collaborations with designers such as Pharrell Williams and Grace Wales Bonner.
“North America’s currency neutral sales (excluding Yeezy in 2024) rose 8% in Q3, as consumer demand remained resilient despite tariff uncertainty. However, when including Yeezy, North America’s currency neutral sales only rose 1%, highlighting how Adidas still has some work to do to build the desirability of its brand in the region. Currency neutral sales (excluding Yeezy) in Greater China, Emerging Markets and Japan & South Korea, rose 10%, 13% and 11% respectively, all bolstered by store openings. In Europe, currency neutral sales (excluding Yeezy) rose 12%, continuing to benefit from strong demand in this market despite being more established thanks to the diversity of its ranges. Adidas also performed well across all channels, with currency-neutral sales (excluding Yeezy) for Q3 increasing 10% in wholesale and 14% in direct-to-consumer. This balance between channels is a testament to Adidas’ commitment to maintaining good relationships with its partners, allowing it to have its products widely available while maintaining control over its brand image.”
