Sports group adidas has confirmed its first-quarter revenues at €6.1 billion, an increase of 12.7% year on year. The group had released these figures in a preliminary report on April 24.
On confirming them on April 29, chief executive, Bjørn Gulden, gave a detailed explanation of the difficulty the tariff situation is already causing for adidas.
He said that, in a normal market, such a strong quarter would have led the group to increase its outlook for revenues and profits for the full year. He explained that it was impossible for the company to issue adjusted outlook figures because of the uncertainty the tariff announcements of early April have generated.
Mr Gulden said adidas had already reduced exports of its products from China to the US “to a minimum”, but that the group was still “somewhat exposed” to the trade tension between the two largest economies in the world. Exports from China to the US are, at the moment, subject to tariffs of 145%.
“What is even worse for us is the general increase in US tariffs from all other countries of origin,” the adidas chief executive continued. “Since we cannot produce almost any of our products in the US, these higher tariffs will eventually cause higher costs for all our products for the US market.”
Given the uncertainty around the negotiations between the US and exporting countries, he said adidas found itself unable to make definitive decisions about what to do.
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