Volkswacht Bodensee - Adidas reports hit from US tariffs

The world's second-biggest sports outfitter said the levies introduced by US President Donald Trump had "a negative impact in the double-digit euro millions" between April and June, without giving a specific figure.

US tariffs would also add around 200 million euros ($230 million) to Adidas's costs in the second half of the year, it said.

The company did not indicate whether it would pass on these costs to consumers and expressed concern that rising prices overall could dampen demand.

"We do also not know what the indirect impact on consumer demand will be should all these tariffs cause major inflation," CEO Bjorn Gulden said.

Nevertheless, Gulden insisted the start to the year had been positive for Adidas, as it reported a more than 90 percent increase in second-quarter profits due to strong sales of its sports and lifestyle offerings.

He said in normal times Adidas would be "bullish" after such results, but added: "We feel the volatility and uncertainty in the world does not make this prudent. We still do not know what the final tariffs in the US will be."

Given that, the group decided to stick to its outlook made earlier in 2025, forecasting operating profit to increase to between 1.7 billion and 1.8 billion euros for the full year.

It warned however of a "range of possible outcomes", with results potentially coming in better than expected but also worse due to US trade turmoil.

Second-quarter net profit attributable to shareholders came in at 369 million euros, up from 190 million a year earlier, slightly above analyst forecasts. Sales increased about two percent to 5.9 billion euros.

Adidas went through a difficult period after its tie-up with US rapper Kanye West -- with whom the group designed a line of popular trainers -- collapsed in 2022 over his antisemitic outbursts.

But it has turned a corner under Gulden, who has focused on promoting Adidas's classic trainers.

Trump has introduced sweeping tariffs on almost all US trading partners, as well as on specific sectors.

Adidas has a sprawling global supply chain and makes many of its products in countries hit with tariffs, such as Vietnam and Indonesia.

T.Germann--VB