Following today’s release of Adidas’’s figures for the three months months ending 30 September 2026; Louise Deglise-Favre, lead apparel analyst at GlobalData, a leading intelligence and productivity platform, offers her view: “Adidas continues its winning streak in Q3 FY2026, with net revenue rising 9.4%, as consumers continued to resonate with both its performance and lifestyle ranges. Adidas has proved once again that it was able to capture consumer demand across the full breadth of sportswear, from technical garments, running trainers or trendy streetwear pieces, without feeling dispersed or incoherent. Adidas also improved its operating profit, with a 37.0% increase to €1.0bn, prompting it to raise its full year guidance for the second time this year, expecting the currency-neutral sales growth rise of 9-10% to lead to operating profits of around €2.5bn (previously around €2.3bn).
“Footwear currency-neutral sales were flat, as Adidas deliberately reduced its wholesale availability to maintain pricing control in a highly promotional environment. Direct-to-consumer (DTC) footwear sales rose 6%, driven by its running and training ranges, as well as the continued success of some Originals ranges. The Adizero Dropset range in training proved especially popular, as its hybrid running and training features perfectly fit the demand of Hyrox training – one of the fastest growing sports of the year. Adidas’ apparel division continued to outperform, rising 19% on a currency neutral basis, thanks to strong performances in most of its ranges, with running, football and Originals being standouts. Within its lifestyle range, Adidas increasingly crosses the bridge towards regular casual apparel, surfing on the current appeal of retro and collegiate sportswear with great success.
“The brand’s DTC division delivered a currency-neutral growth of 17%, while wholesale grew 2%, due to the intentional tighter grip on wholesale supply. This especially impacted the Europe region, which declined 4% on a total currency-neutral basis, due to the high wholesale presence of the brand in its home market. The region was also impacted by late wholesale deliveries due to a software migration, meaning some of its Q3 wholesale revenue will only be reconciled in Q4. North America achieved currency-neutral growth of 12%, reflecting strong demand, while Latin America grew 16%. Greater China’s currency-neutral sales rose 13%, contrasting sharply with the 26% decline Nike experienced in the country in a similar period. Adidas gives its regional teams much more power over operation and production decisions, translating into tailored assortments and marketing that better capture the nuances of the Chinese market. Japan and South Korea rose 19%, highlighting the renewed strength of Asian markets. Emerging market sales rose 15%, despite lasting disruptions in the Middle East due to the Iran conflict.”
