The sportswear giant adidas has defied expectations with an impressive 8% increase in sales for the first quarter of 2024.
Adidas exceeded expectations in Q1 2024, reporting an impressive 8% increase in sales, totaling €5.46 billion EUR by March 31. Despite the loss of its YEEZY line and severance with Ye in late 2022, adidas experienced growth driven by heightened demand for its Samba, Gazelle, Spezial, and Campus franchises.
CEO Bjorn Gulden attributed the growth primarily to the Lifestyle segment, particularly Originals footwear, alongside successful performances in Running, Football, and Basketball products.
Sales of the remaining Yeezy inventory contributed approximately €150 million EUR to revenues, while footwear revenues surged 13% on a currency-neutral basis.
Apparel sales rose by 2%, although there was a decline in wholesale channel sell-in due to high inventory levels in North America. Accessories sales dropped by 1% in the period.
Positive growth was witnessed in Europe (up 14%) and Latin America (up 18%), with Greater China also experiencing an 8% increase. However, North America faced a 4% decrease, primarily due to a decline in wholesale.
