29 April 2026
If you are covering Adidas’ latest financial results, please find below a comment from Mamta Valechha, consumer discretionary analyst at Quilter Cheviot:
“Fresh off a momentous London Marathan for Adidas, the sportswear giant delivered a blow-out set of results for the first quarter, with beats across the board. Sales grew 14% compared to consensus expectations of 9% growth, trickling down to a 9% beat on earnings too.
“Growth is being led by Performance where revenues were up 29%, driven by strong double-digit growth in Football, Running, and Training. 2026 is due to be a huge year for Adidas given the 2026 FIFA World Cup in the US, and so far, the company has seen strong momentum from the release of the kits ahead of the event.
“Running also continued its strong growth trajectory, fuelled by the performance credentials of the record-breaking Adizero franchise and a targeted expansion of the product offering. With the shoes hitting the headlines in recent days following the sub-two-hour marathon record, Adidas couldn’t ask for better publicity around this product.
“Meanwhile, the Lifestyle business grew 6%, an improvement compared to the fourth quarter last year, driven by both Originals and Sportswear line. The Terrace footwear business remained healthy as the group continues to bring out iterations of the Samba and further capitalises on the Tokyo and Japan franchises. By region, China (17% growth) continued to impress given Adidas’ local approach where fashion continues to resonate with the market. Europe (up 6%) continues to see good traction despite a more mature market and North America (up 12%) remains solid.
“Adidas held its full year guidance unchanged, noting a volatile and promotional market, which we think is quite understandable. But nevertheless, this was a standout quarter for Adidas in what should be a strong year of sport for the business.”
