Adidas Posts Q1 Revenue of €6.6 Billion as Greater China Achieves 12 Consecutive Quarters of Growth

Adidas Delivers Strong Q1 Results

On April 29, global sportswear giant Adidas officially released its financial results for the first quarter of 2025. The data shows that Adidas achieved global revenue of €6.6 billion, a 14% increase year-over-year on a currency-neutral basis, continuing its steady growth trajectory.

Key Financial Highlights

In terms of profitability, Adidas delivered an impressive performance this quarter:

• Global Revenue: €6.6 billion, up 14% YoY
• Operating Profit: €705 million, up 16% YoY
• Operating Margin: 10.7%, up 0.8 percentage points YoY
• Gross Margin: Maintained at a healthy 51.1%

Notably, operating profit growth (16%) outpaced revenue growth (14%), indicating that Adidas continues to improve operational efficiency alongside its scale expansion. The stable gross margin of 51.1% demonstrates the brand's strong command over supply chain management and product pricing strategy.

Greater China Emerges as a Core Growth Engine

Among regional markets, Greater China delivered a particularly standout performance. The region posted revenue of €1.14 billion this quarter, a 17% year-over-year increase that outpaced the overall global growth rate. More importantly, this marks the twelfth consecutive quarter of high-quality growth for Greater China, fully demonstrating Adidas's brand resilience and strategic execution in the Chinese market.

Greater China accounts for approximately 17.3% of global revenue. As one of Adidas's most important markets worldwide, Chinese consumer demand for sportswear brands remains robust. In recent years, Adidas has ramped up its digital transformation investments in the Chinese market, deepening its connection with Chinese consumers through AI-driven precision marketing, intelligent supply chain management, and personalized consumer experiences.

Digital Transformation and AI Powering Brand Evolution

Against the backdrop of increasingly fierce competition among global sportswear brands, Adidas has been steadily increasing its investments in digitalization and intelligent technologies. From AI-assisted product design and smart inventory forecasting to big data-driven consumer insights and personalized recommendations, technology is becoming the "invisible engine" powering brand growth.

In the Chinese market in particular, Adidas has leveraged deep partnerships with local e-commerce platforms and AI algorithms to optimize omnichannel operations across online and offline touchpoints, boosting consumer reach efficiency and conversion rates. This strategy has been thoroughly validated by the twelve consecutive quarters of growth data.

Outlook: Can the Growth Momentum Continue?

Despite the impressive Q1 results, the challenges facing Adidas should not be overlooked. Global macroeconomic uncertainty, currency fluctuations, raw material cost pressures, and intense competition from rivals such as Nike and New Balance will all test its future performance.

However, based on current trends, Adidas's sustained investments in brand repositioning, product innovation, and digital transformation are generating positive returns. The strong performance in Greater China, in particular, provides crucial support for full-year earnings growth. The market will be closely watching whether Adidas can maintain this growth momentum in the quarters ahead.