WASHINGTON (dpa-AFX) - Sportswear maker adidas AG (ADDYY.PK) reported Wednesday higher profit in its first quarter with increased net sales.
Looking ahead for fiscal 2026, the company continues to expect profitability to further improve and projects operating profit to increase to a level of around 2.3 billion euros.
adidas continues to expect currency-neutral sales to increase at a high-single-digit rate in 2026, reflecting growth of around 2.0 billion euros in absolute terms.
In the first quarter, net income attributable to shareholders climbed 12.6 percent to 482 million euros from 428 million euros last year. Earnings per share grew 13.5 percent to 2.72 euros from 2.40 euros a year ago.
On a continuing operations basis, net income increased 11 percent to 484 million euros from prior year's 436 million euros. Earnings per share from continuing operations were 2.70 euros, higher than 2.44 euros last year.
The company's operating profit increased 16 percent to 705 million euros from 610 million euros a year ago, representing an operating margin of 10.7 percent, up 0.8 percentage points from 9.9 percent a year ago.
The company's gross margin decreased 1.0 percentage points to 51.1 percent in the first quarter. While the underlying gross margin improved, the positive development was more than offset by unfavorable currency developments and negative impacts from higher US tariffs, the firm noted.
Net sales grew 7.1 percent to 6.59 billion euros from 6.15 billion euros last year. Currency-neutral revenues went up 14 percent, reflecting the strong momentum of the adidas brand.
The company reported double-digit DTC increases in all markets, reflecting strong sell-out trends.
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