On Tuesday, Adidas reported 10% sales growth for the third quarter of 2024, with 6.44 billion euros made during the July-September period according to WWD. The company has also increased its annual growth expectation to approximately 10% marking the third time it has upped its guidance in 2024.
From a long-term perspective, Adidas’ net sales reached 17.72 billion euros in the first 9 months of the year, while it reached only 16.62 billion euros during the same period last year. The company now expects its operating profit to hit 1.2 billion euros, instead of the 1 billion euros expected earlier in the year.
In regions where some brands are struggling, Adidas is still performing strongly. Japan and South Korea saw an 18% increase in revenue on a currency-neutral basis, while in China, where overall spending has dwindled, the company saw a 9% increase in revenue on a currency-neutral basis.
The global growth has been driven by renewed demand for the German athletic brand’s classic models like the Samba and Gazelle, as well as boundary-pushing collaborations including Bad Bunny x Lionel Messi and its ongoing partnership with British menswear designer Wales Bonner.
The news arrived on the same day that Adidas announced an out-of-court settlementclosing out all claims concerning the brand’s “Yeezy” collaboration. The settlement is a major development in the more than two-year conflict, which is finally coming to a close.