German sporting goods manufacturer Adidas reported strong third-quarter results on Tuesday, with executives expressing optimism about upcoming growth.
Adidas chief executive Björn Gulden said he views the business as well-balanced with double-digit growth rates in both the lifestyle and sports categories.
"The strong underlying growth in China and the earlier-than-expected return to positive figures for the Adidas brand in North America in the last two quarters give us confidence for the medium-term future," he explained on Tuesday at the presentation of final figures for the third quarter from Adidas headquarters in the small south-eastern German town of Herzogenaurach.
Adidas had faced major losses in North America, driven largely by the collapse in October 2022 of its once-lucrative Yeezy partnership with the rapper Ye, formerly Kanye West.
The rapper, who ran a failed fringe campaign for US president in 2020, came under fire after he made repeated anti-Semitic comments, denied the Holocaust, praised Adolf Hitler and described himself as a Nazi.
Adidas had already presented preliminary figures on October 15 and raised its forecast once again. On Tuesday, Adidas confirmed those figures.
Sales rose by 7.3% to €6.4 billion ($6.9 billion), with currency-adjusted revenues increasing by 10%. Adidas benefited from robust demand for retro sneakers and football jerseys.
Growth was driven by Europeans' propensity to buy. Adidas was also able to grow by almost 9% on a currency-adjusted basis in the important Chinese market.
Consolidated profit from continuing operations increased by 73.4% to €469 million.