Adidas has just released its 3rd quarter financial results today. Within the company’s announcement, there are a few key highlights related to running which we will cover in this article. The first and foremost being the company’s net sales for the year.
The company has summarize the 3rd quarter with the following headline:
adidas with robust growth in the third quarter
Adidas PRess Release
as macroeconomic challenges increase
In aggregate, Adidas has recorded a net sales of 6.4 billion euro for the 3rd quarter of 2022, increasing by the 11% year-on-year (Y-o-Y) and grew about 14% quarter-on-quarter (Q-o-Q). Similarly, the company’s gross profit remains health and grew to about 3.15 billion euro for the 3rd quarter of 2022, increasing by 9% Y-o-Y and about 12% Q-o-Q.
Adidas Running Segment Had Great Success Year till Date
Among the best performing category within Adidas, Running was certainly one of them with a strong double-digit growth rate. It was reported that Running saw a 24%, I believe is Y-o-Y, growth rate for the 3rd quarter of 2022.
Contributing product line-ups include the Adizero as well as Supernova. The Adizero line-up, with the Adizero Adios Pro 3 being the flagship product, is no doubt many runners’ go to. Personally, I found it very interesting that the Supernova has also contributed to Adidas’ success. Adidas has launched its Supernova 2 this year sometime after mid year. The Supernova has been the hybrid pair of running shoes with the Boost midsole at a much affordable price range – SGD 150. A main message with the Supernova has been comfort and in its 2nd version, the comfort level has been alleviated.
Adidas Welcomes Puma’s Ex-CEO in 2023
You read it right, Adidas will be welcoming Puma’s ex-CEO, Bjorn Gulden, to become its CEO starting from 2023. Adidas’s new CEO coming 2023, Bjørn Gulden, is 57 years old, a Norwegian and has been CEO of Puma since the 2013. However, the new CEO is no stranger to Adidas. He had a tenure at Adidas as the Senior Vice President of Apparel and Accessories from 1992 to 1999, a good 7 years.
Certainly Puma has seen its revenue grew since 2014, with the exception of 2020 being the year of the COVID. Aside from revenue growth, Puma has seen success as being an industry leader in lifestyle products and more recently gaining back attention & traction in the running community.
Certainly, it will be exciting to see what changes would come from Adidas in 2023. Additionally, how Gulden might help Adidas to overcome its current challenges – increasing inventory holding, termination of partnership with ye, and soften consumer demand.
