Germany’s Adidas increased its full-year profit guidance, saying it managed to cushion some of the extra expenses resulting from higher U.S. tariffs.
Germany’s Adidas on Tuesday raised its full-year operating profit forecast, saying it had successfully offset part of the additional costs caused by higher U.S. tariffs.
Adidas executives personally visited a small Indigenous town in southern Mexico to apologise for a shoe design criticised as cultural appropriation, pledging future collaboration to respect local heritage.
Adidas saw its shares drop 7.5% in early Wednesday trading after second-quarter sales came in below expectations and the company warned of an added €200 million ($231 million) cost burden from new U.S. tariffs in the second half of 2024.
Adidas and Puma are expected to raise prices in the U.S. after Nike increased footwear costs, as rising import tariffs push up expenses across the sportswear industry.
Adidas shareholders have reelected Chairman Thomas Rabe for another term, despite concerns from key investors over his multiple commitments and calls for leadership change.
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