adidas Reports 21% Growth, Nike Sales Continue to Drop
Look away Team Swoosh — adidas have reported a 21 per cent growth in first-quarter North American sales compared to last year. Global adidas sales also improved 10 per cent, while net income jumped 17 per cent on the previous year.
Riding a wave of renewed focus on celebrity partnerships with the likes of Pharrell Williams and Kanye West, adidas continues to flourish despite slumps from Nike and Under Armour. The company’s North American sales have now increased by 20 per cent or more in nine consecutive quarters.
According to adidas CEO Kasper Rorsted, the performance was in line with expectation, as the company continues to focus on North America, China and e-commerce.
Despite experiencing a 6 per cent drop in North American sales for the quarter, it’s not all doom and gloom for Nike — they’re still well ahead overall. Nike’s North American sales of $15.2 billion trumped adidas’ $5.1 billion in 2017.
That being said, momentum is most definitely in the German corner. They’d better hope Mr West’s recent antics don’t undo all the good work.