Headline: Adidas Reports Record Global Revenue, but Shares Slump on Weak U.S. Performance

Key Points:

Financial Results: In Q3 2025, Adidas hit a record high global revenue of €6.63 billion, a 3% year-on-year increase.
U.S. Market Struggles: Despite global growth, North American sales fell by 5%. This was due to a weaker U.S. dollar and cautious spending by U.S. retailers.
Stock Market Reaction: Adidas shares dropped significantly, falling over 10% in both Germany and the U.S. (ADR).
Inventory & Discounts: CEO Bjorn Gulden noted pressure to clear inventory. He expects aggressive discounting during this year’s Black Friday, similar to or higher than last year.
Tariff Impact: New tariffs under the Trump administration are expected to reduce annual revenue by €120 million. To offset costs, Adidas has increased the price of its popular “Samba” shoes from $90 to $100.
Moving Past Yeezy: The company has finished selling off its remaining Yeezy inventory at cost, ending the controversy following the split with Ye.
New Growth: Adidas is focusing on high-tech running shoes and professional athlete partnerships. Running shoe sales grew by 30% this quarter, showing strong momentum.