Two years ago, the idea of Adidas striding ahead of its US rival Nike would have been laughable. Back then, the German company was in crisis after parting ways with the rapper Kanye West. Today, while Nike is flagging, Adidas’s shares are on a winning streak.
Adidas issued its third guidance upgrade in six months this week. Full-year operating profit is expected to reach €1.2bn, more than double initial expectations. Revenues are forecast to grow at a 10 per cent clip, in neutral currency terms. Gross margins in the third quarter of 51.3 per cent were up 2 percentage points on the year and comfortably ahead of Nike’s 45.4 per cent.
The question now is no longer how quickly can Adidas recover but how long can it keep up the momentum.
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