Adidas raises outlook and appoints new CFO after World Cup drives record Q2

Adidas has raised its full-year sales forecast and appointed a new CFO after posting record second-quarter revenue, supported by World Cup demand and continued growth in running.

Summary of results: 

• Second-quarter net sales reached a record €6.7 billion (£5.74 billion), with currency-neutral revenue increasing 14%.
• Adidas now expects 2026 currency-neutral sales growth of 9% to 10%, up from its previous high-single-digit forecast.
• Operating profit rose 5% to €574 million (£492 million), while the full-year target remains around €2.3 billion (£1.97 billion).
• Adidas appointed brand veteran Birgit Kretschmer as its new CFO.

Direct-to-consumer sales increased 25% for the brand, including a 27% rise in e-commerce, while the German sportswear group maintained its operating profit outlook as it invested more heavily in marketing and distribution to support global demand.

The company now expects currency-neutral sales to increase between 9% and 10% in 2026, compared with its previous guidance for high-single-digit growth.

Adidas reported net sales of €6.7 billion (£5.74 billion) for the three months to 30 June, its highest quarterly total. Currency-neutral revenue rose 14%, extending the same growth rate recorded in the first quarter.

Adidas CEO Bjørn Gulden, commented on the results: “Being the CEO of adidas is a privilege. Being the CEO of adidas during a World Cup is even better. This World Cup was like a fairy tale for me! I am so proud of what our teams around the world achieved. I do not think we could have scripted it better."

DTC growth outpaces wholesale

Direct-to-consumer revenue increased 25% on a currency-neutral basis, with double-digit growth across every market. Ecommerce advanced 27%, while revenue from Adidas-owned stores rose 23%.

Wholesale revenue increased 6%. Adidas said it had deliberately cut back supply to European retail partners as heavy discounting continued in parts of the lifestyle footwear market. The strategy was intended to protect full-price sales and limit further discounting.

Gulden also noted that consumer sell-through had exceeded the volume supplied to retailers. “It is always great if your sell-out is stronger than your sell-in. I am sure many retailers wished they had more of our products,” he said.

European sales increased 6%, while North America, Greater China, Latin America, emerging markets and Japan and South Korea delivered double-digit growth.

Football and running lead product growth

Performance revenue rose 39%, driven by football, running and motorsport products. Adidas supplied kits to 14 federations at the 2026 FIFA World Cup, alongside the Trionda official match ball, pre-match teamwear and retro-inspired collections.

Running sales grew around 30%, supported by demand for the Adizero range. Apparel revenue increased 35%, helped by World Cup collections and new Originals ranges designed for local markets.

Footwear revenue grew 1% as performance footwear offset weaker lifestyle footwear sales. Gulden noted that this had long been the ambition of the brand and that the results showed its innovation in the performance footwear category was paying off. Lifestyle revenue increased 2% during the quarter, with Gulden commenting noting that the apparel business was "clearly 'on fire'."

Operating profit reaches €574 million

Second-quarter operating profit climbed 5% to €574 million (£492 million), even after an extra €212 million (£182 million) was spent on marketing and World Cup activations. Gross margin rose 0.8 percentage points to 52.5%, helped by full-price sales and a more favourable channel mix.

In the first half, net sales came to €13.3 billion (£11.40 billion), while operating profit was up 11% to €1.28 billion (£1.10 billion). Adidas kept its full-year operating profit target at around €2.3 billion (£1.97 billion).

The guidance excludes potential future refunds of between $250 million (£188 million) and $300 million (£225 million) relating to US tariffs. Adidas recognised only a small benefit from initial refunds during the second quarter.

Adidas appoints new CFO 

Adidas' new Chief Financial Officer Birgit Kretschmer joins the brand from fashion retailer C&A, where she also held the role of CFO. Kretschmer brings more than 30 years of experience to the new role, 25 years of which she has spent at Adidas in roles including CFO of adidas International BV and Western Europe. 

Gulden commented on the appointment that he is "extremely happy" to welcome back Birgit and that he believes her experience makes her the "perfect CFO for the future".

"She knows the industry, she knows adidas and she has added the knowledge of cost discipline working as the CFO of a vertical retailer like C&A," he added.