Adidas achieves revenue of 5.274 billion euros in the first quarter

On May 5, Adidas announced its first quarter performance report for 2023. During the reporting period, Adidas achieved a global revenue of 5.274 billion euros and an operating profit of 60 million euros.

In terms of regions, the Greater China region is still one of Adidas' most important strategic markets, contributing 884 million euros in revenue in the first quarter of this year, an increase of 70% compared to the fourth quarter of 2022. Among them, self-operated store sales achieved double-digit growth. Adidas Global CEO Bjorn Gulden said in the financial report: "The performance of the Greater China region in the first quarter was better than expected, and we remain optimistic about the medium and long-term development of the Chinese market."

From the perspective of product categories, revenue from footwear products accounted for more than half of Adidas' total global revenue, an increase of 1% over the same period last year. It also reflects Adidas' strength in football, running, outdoor and tennis.

Analysts pointed out that behind the recovery of Adidas Greater China's performance, domestic consumption has entered the fast lane of recovery. According to data from the National Bureau of Statistics, the total amount of social retails from January to February 2023 was 7.71 trillion yuan, a year-on-year increase of 3.5%. The total social retails in March was 3.79 trillion yuan, a year-on-year increase of 10.6%. In the first quarter of 2023, the retail sales of textiles and apparels increased by 12.7% year-on-year, of which the year-on-year increase in March reached 17.7%.

On the other hand, since the beginning of this year, the return of mass offline sports life has also driven the recovery of professional sports equipment sales. Taking the marathon as an example, domestic marathon competitions ushered in a blowout in March this year, and the demand for sports series products represented by Adidas has increased.

Gulden emphasized in the financial report that the pursuit of short-term financial results is not the goal of Adidas, "Adidas has the DNA of a strong growth profitable company. 2023 is a transitional year for building strong foundations for 2024, 2025 and beyond."