Revenues increased by more than 50 percent to 5.1 billion euros (129.67 billion crowns). With the exception of China, sales were higher in all regions. In China, excluding the effect of exchange rate changes, sales fell by 16 percent.
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This was partly due to a boycott of Western brands over cotton from the Uyghur Autonomous Region, where critics say Muslim Uyghurs are being persecuted and abused for forced labor.
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In addition, the Chinese market was recovering from a pandemic last quarter.
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For the full year, Adidas expects sales to increase by 20 percent without the impact of exchange rate changes, having previously said it expects growth of 17 to 19 percent.
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Net profit is expected to be 1.4 to 1.5 billion euros, compared to the originally expected 1.25 to 1.45 billion euros, wrote DPA and Reuters.
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The company has been operating under the name Adidas since 1949, it is an abbreviation of the name of the founder Adolf “Adi” Dassler. Adolf originally founded the company in 1924 with his brother Rudolf.
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After the siblings broke up, Rudolf founded his own company, which later became known as Puma.
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