Adidas Grows Strongly – but the US Tariffs are Casting Shadows

In normal times, Adidas CEO Bjørn Gulden would have every reason to be pleased: a strong Q1, a solid order backlog, and a positive overall sentiment in the market. However, despite impressive numbers, the company is refraining from raising its annual forecast – the new US import tariffs are casting a long shadow on the glowing business figures. Strong growth in the core business In Q1 2025, Adidas showed significant growth: revenue climbed by 13% to €6.1 billion. When adjusted for the effect of the terminated partnership with US rapper...