Adidas has posted an increase in sales driven by strong brand momentum after major football tournaments

The global sportswear giant reported a 6% increase in sales to €11.28bn (£9.52bn) in the first six months of 2024, up from €10.61bn (£8.96bn) the business reported during the same time last year.

Operating profit increased to €682m (£575.7m) from €236m (£199.2m) in 2023, while net income increased to €382m (£322.4m), up from €73m (£61.6m) in 2023.

Adidas said the top-line development was driven by the strong momentum of the underlying Adidas business, which grew 10% on a currency-neutral basis in the first six months of 2024.

This comes after Adidas upped its full-year guidance as a result of the building of “current momentum” in July.

Full-year revenues on a currency-neutral basis are now anticipated to increase at a high single-digit rate rather than a mid-to-high single-digit rate.

Operating profit is also expected to hit €1bn (£840m) for the year instead of the previously pledged €700m (£587.6m).

Adidas chief executive Bjørn Gulden said: “The Euro and the Copa were great football events with great atmospheres and with huge interest from the fans. I was very happy to see how Adidas showed up as a brand and of course extremely proud to see Argentina winning the Copa and Spain winning the Euro [wearing Adidas kits]. It was also great to see how these big sports events bring athletes, fans and people together in a very positive way. We now look forward to see this continue with a great Olympics in Paris. The start has been sensational.

“Given the improved business, in Q2 we continue to raise our expectations and are now guiding for a full-year revenue increase in the high single digits and an operating profit of around €1bn.

“The improved brand momentum with our consumer happened faster than we had expected. But that does not mean we do not have a lot of work to do. I am convinced we can bring Adidas back to be a very strong and healthy company. To achieve this we will work hard to continue to grow double digits and use this growth to get leverage on our cost base to improve our profitability. Our mid-term EBIT margin target of 10% is achievable despite external challenges.”