Adidas’ running business helped fuel growth in third quarter as net sales reached 6.6 billion euros

Adidas AG’s running and football shoes helped propel growth in the third quarter as the German brand looks to build on momentum from its success with retro sneakers like the Samba. 

Adidas’ brand grew by 12% in currency-neutral terms, leading to net sales of 6.6 billion euros in the third quarter of its 2025 financial year, the business announced in a press release. Adidas’ gross margin improved slightly to 51.8% and its operating profit rose by 23% to 736 million euros. With net income at 485 million euros in the third quarter, the business noted that hyperinflation-related effects weighed on its financial results.
 
During the first nine months of the 2025 financial year, Adidas reported 14% brand growth with double-digit increases across all markets and channels. Net income totalled 1.3 billion euros, representing a 52% increase, and operating margin touched 10.1%, with operating profit up by 48% to 1.9 billion euros. The business expects to report double-digit currency-neutral revenue growth for the Adidas brand in its 2025 financial year and forecasts an operating profit increase to around 2 billion euros.

Both running and football products grew by a “strong double-digit” percentage, the company said Wednesday, elaborating on preliminary results published last week. Running expanded by more than 30% on robust uptake of Adizero models including the Evo SL. 

CEO Bjoern Gulden is looking to sustain a rebound at Adidas that kicked off two years ago with the revival of the classic Samba sneaker. The brand is trying to generate more popular apparel and sports products and narrow the gap with rival and industry leader Nike Inc.

The shares rose as much as 1.1% in early German trading. The stock is down about 16% in the past 12 months, while cross-town rival Puma SE has fallen by half and Nike by 14%.

Adidas impressed investors with its profitability in the third quarter, but disappointed with the trajectory of its revenue growth. It has been contending with the negative effects of a stronger euro and weaker US dollar, among other currency swings, and is looking to minimize the effects of US President Donald Trump’s widespread tariffs. 

The stronger euro led to a more than €300 million ($349 million) negative impact on third-quarter sales, Adidas said. The only region where Adidas failed to book double-digit revenue growth was North America, where currency neutral sales increased by 8% in the quarter. Greater China grew by 10% and Europe by 12%, Adidas said.

Adidas is playing catch up in the running shoe boom, having missed out on the initial surge in consumer demand for comfortable trainers that brands like On Holding AG and Hoka capitalised on. While Adidas maintained its relevance in the professional ranks, with top runners winning major marathons in three-striped shoes, it’s now looking to grab a greater share of the much bigger market for the jogging and walking masses.    

On the football side, Adidas cited strong demand for products related to its new partnership with Liverpool FC, along with updated versions of its F50 and Predator cleats.

Adidas’s lifestyle products posted a 10% growth in sales, backed by continued “healthy demand” for the retro sneakers like the Samba and Gazelle that received updates in colours and materials. The company has also begun to scale up supplies of its Superstar sneaker, a franchise that Gulden hopes will sustain the buzz of Adidas’s casual footwear.

FashionNetwork.com with Bloomberg