Adidas reports preliminary Q1 revenue EUR 6.15B, consensus EUR 5.11B

In currency-neutral terms, Q1 sales increased 13%. Excluding Yeezy sales in the prior year, currency-neutral revenues for the adidas (ADDYY) brand increased 17% during the quarter, driven by double-digit growth across all markets and channels, Adidas said in a statement. The company’s gross margin improved 0.9 percentage points to 52.1%. CEO Bjorn Gulden said, “”I am very proud of what our team achieved in Q1. Double-digit growth across all markets and channels in today’s volatile environment shows the strength of our brand and underlines the great job our people are doing. The operating profit of EUR 610 million and the 9.9% operating margin prove the great potential of our company. A great quarter!”