The sporting goods company Adidas has been able to limit the impact of US tariffs on its international business to some extent. For the current year, CEO Bjørn Gulden only expects losses of around 120 million euros. The francs had previously assumed a negative impact worth 200 million euros. The majority will occur in the fourth quarter. Adidas shares, which were only slightly moved at the start of trading on Wednesday, ultimately fell significantly. The stocks were down 4 percent around midday.
New flows of goods
Adidas has so far only selectively increased the prices for some new products in the USA, said Gulden. Attempts have been made to control production so that the respective markets are supplied from countries that have the lowest possible customs requirements. The important Chinese market is increasingly being served from our own production.
Nevertheless, Gulden estimates that the burden of US tariff policy will increase in the coming year. The question of how the tariffs will have an indirect impact is completely open – for example through lower purchasing power due to rising inflation and through possible discount battles in retail.
New year with the Olympics and the World Cup
Adidas had already published preliminary figures for the third quarter last week and, following record sales, increased its forecast for the current year. The focus is now on a good transition to 2026, said Gulden. Next year there will be, among other things, the Winter Olympics and the World Cup in the USA, Canada and Mexico.
Gulden joined Adidas from competitor Puma in 2023 and initially had to report losses. The company is now on track and is generating an operating profit margin of 10 percent. The bottom line was a profit from continuing operations of 1.293 billion euros in the first nine months of 2025. At the same time in 2024, the amount was 851 million euros.