Adidas posted currency-neutral revenue growth of 17% in its wholesale business last quarter.
Adidas AG reported a rebound in sales with its retail partners and a return to growth in North America, when Yeezy sneaker sales were excluded, as the brand looks to increase profits after years of crisis.
The German sportswear company posted currency-neutral revenue growth of 17% in its wholesale business last quarter, according to a statement, a sign that retail partners like Foot Locker Inc. and JD Sports Fashion Plc are again embracing Adidas products.
Chief Executive Officer Bjorn Gulden has been winning over investors with a back-to-basics focus on sports and developing new footwear and apparel. While he’s capitalised on demand for classic shoes like the Samba and Gazelle, he’s now looking to impress with the launch of products that were developed since his arrival in January 2023.
Gulden’s strategy involves focusing much more on retail partners, which have recently been pushing newer labels such as On Holding AG and Deckers Outdoor Corp.’s Hoka as Adidas and Nike built out their own ecommerce channels.
That approach appears to be bearing fruit, potentially allowing Adidas to close the gap with Nike, which is struggling to replace top sellers such as the Air Force 1 and Dunk sneakers.
Adidas shares were little changed in early trading, and are up almost 30% this year. Industry leader Nike Inc., by contrast, is down more than 30% in 2024.
In the second quarter, Adidas posted double-digit sales growth in Europe and Latin America and 9% growth in Greater China. In North America, sales fell by 8%, with the decline “solely related to the significantly smaller Yeezy business,” the company said. Excluding Yeezy, Adidas grew in both its North America wholesale and direct-to-consumer channels.
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