Adidas Q1 Profit Beats Estimates, China Sales Surge

Adidas Q1 operating profit rose 15.6% YoY to €705 million, beating estimates by ~7‑9% and expanding margin to 10.7%.
Net sales reached €6.592 billion, up 7.1% (14% currency‑neutral), surpassing consensus by about 4‑5% and EPS €2.70 beating €2.53.
Greater China sales grew 17% currency‑neutral, outpacing the 9% forecast, while North America returned to double‑digit growth at 12%.
Adidas kept 2026 guidance of high‑single‑digit sales growth and €2.3 billion operating profit, launched up to €1 billion share buyback, citing €400 million tariff/currency headwind.