Footwear boost for adidas in Q1
Sports group adidas has reported revenues of more than €5.4 billion for the first quarter of 2024. This figure represents an increase of 3.5% compared to the same quarter last year and was “better than expected”, adidas said.
It recorded an increase of 7% in its revenues from footwear sales, which were more than €3.2 billion, driven, the group said, by demand for its Originals retro-style shoes and for football boots.
Revenues from apparel were down by 1% to just under €1.9 billion. Accessories and other products accounted for the rest of the group’s revenues for the quarter.
Chief executive, Bjørn Gulden, commented: “I am very happy to see that the business in Q1 developed better than we had expected. The growth is driven by our lifestyle business right now, especially Originals footwear, but we also see that the higher end of our running, football and basketball product is doing well.”
Mr Gulden warned that markets are “still volatile and not easy” but said the group was looking forward to celebrating a number of major sporting events in the course of the rest of 2024, including the Euro 24 and Copa América international football tournaments, and the Paris 2024 Olympics.
Image shows a display of adidas Originals shoes at the group’s flagship store in Berlin.
