Adidas Maintains 2025 Guidance Amid Tariff Uncertainty

Adidas has reaffirmed its 2025 guidance, projecting high-single-digit currency-neutral sales growth and an operating profit of €1.7–1.8 billion following a 13% year-over-year sales increase in the first quarter. The company warned that U.S. tariffs imposed under President Trump on imports from China, Vietnam, and Cambodia have created substantial uncertainty, potentially raising production costs and prompting future price hikes for U.S. consumers. Adidas stated it is minimally exposed to China-specific tariffs but is more affected by wider tariffs on other countries. Due to this uncertainty, Adidas has paused any upgrades to its financial outlook and cannot currently estimate the impact on U.S. demand. Despite these challenges, Adidas continues to outperform competitors and gain market share. The company noted that the range of possible financial outcomes has widened, a concern shared across the retail sector due to ongoing trade policy negotiations.