Demand for Adidas' retro-style Gazelle, Samba shoes helps drive strong first-quarter growth [Globe and Mail, The (Toronto, Canada)]
Nike, Inc. (NKE)
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Source: Globe and Mail, The
Adidas has been on a turnaround journey since the cancelled partnership with Ye ended its highly profitable Yeezy shoe line and it reported a loss for 2023, but the company's sales have recently been boosted by the popularity of its “terrace” shoes such as the Samba and Gazelle. Adidas CEO Bjorn Gulden said the lifestyle business drove sales in the first quarter, and that demand for terrace shoes was still growing, helping drive sales up 14 per cent in Europe. “The demand for our product, especially in footwear is very, very high in our home market,” Gulden told reporters on a call. Overall, Adidas' footwear revenue jumped by 13 per cent over the quarter. “Adidas has gone from the one no-one wanted to touch to the brand that has all the positive momentum behind it,” said Marcus Morris-Eyton, portfolio manager at AllianceBernstein, which holds Adidas shares in its European Growth fund. Shares in Adidas, which have gained 25 per cent so far this year, were down 1.3 per cent a
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