US tariff refund helps Adidas to record quarterly profit
Core profit for the three months ending in September was €1.01 billion, up 37% at the same time last year.
Adidas announced a record core profit for the third quarter, driven by strong sales and €200 million in refunded tariffs from the US government. The German sportswear company reported a core profit of €1.01 billion for the three months ending September, marking a 37% increase compared to the same period last year. Adidas stated that the majority of the US tariff claims were received, and profit margins were also positively impacted by healthy full-price sales.
In February, the US Supreme Court overturned many of the tariffs imposed during former President Donald Trump's trade policies, determining they exceeded the president's regulatory authority. According to an August court filing, the US government had accepted around US$130 billion in refunds as of July. Adidas raised its annual guidance, projecting core profit of €2.5 billion, up from €2.3 billion, and indicated that it would invest €100 million more than initially planned due to its surpassing expectations.
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Also reported by 4 other outlets
- US tariff refund helps Adidas to record quarterly profit freemalaysiatoday.com
- Adidas is raising its profit forecast to €2.5 billion after a record quarter qz.com
- adidas sees Q3 profit and sales setting records, raises full-year profit guidance seekingalpha.com
- Germany’s Adidas raises full-year profit outlook investing.com
