German sportswear giant Adidas has revealed that its operating profit for 2025 will face a direct impact of approximately €120 million (around US$140 million) due to U.S. import tariffs, CEO Bjørn Gulden said on Wednesday.
Gulden explained that the heaviest impact is expected in the fourth quarter, when tariff-related cost pressures peak. “The indirect impact of the tariffs, we don’t know. We do not know how the consumer will react in the U.S. when these higher prices come to effect,” he said during a media call.
In response to the tariffs, Adidas has increased prices in its U.S. market to offset some of the additional costs. However, the company warned that it remains uncertain how consumers will react to these price hikes, whether it will reduce demand or shift buying habits.
The company also noted that North American sales have been affected by other factors, including a weaker U.S. dollar and cautious retailer ordering. Despite a global revenue growth of 3% to €6.63 billion in the third quarter, North American sales fell by about 5%.
Gulden emphasised that while the direct tariff costs are clear, the indirect effects, such as slower inventory orders and cautious consumer behaviour in the U.S., are still uncertain.
Looking forward, Adidas said it will continue to manage tariff impacts through strategic pricing, supply chain adjustments, and careful monitoring of consumer trends.
