阿迪达斯二季度利润低于预期，世界杯营销开支拖累盈利并引发股价大跌

Adidas shares drop 17% after profits hit by World Cup marketing spend
Adidas shares are in line for their biggest one-day decline after the sportswear giant missed quarterly profit expectations following higher marketing spending around the football World Cup.
Net profit from continuing operations rose 6 per cent year on year to €398mn in the second quarter, below analysts’ expectations of €430mn. Adidas said marketing expenditure was 30 per cent higher than a year earlier, reflecting increased spending on World Cup campaigns.
Shares in the German sportswear group fell 17 per cent in early trading, the biggest intraday-drop on record.
“In absolute terms [the second quarter] was a good quarter but against a rising tide of World Cup expectations this is going to disappoint investors,” said analysts at Deutsche Bank.
The €212mn surge in spending around this summer’s World Cup in North America came as chief executive Bjørn Gulden sought to close the gap with rival Nike.
“This World Cup was like a fairy tale for me,” he said. “I am so proud of what our teams around the world achieved. I do not think we could have scripted it better.”
Adidas sold four times as many jerseys and twice as many footballs compared with the tournament in Qatar four years earlier, generating about €1.5bn in World Cup-related sales. Mexico’s shirt was its best-selling national-team jersey, while the final between Spain and Argentina featured two Adidas-sponsored sides.
The profit miss came despite record second-quarter revenues of €6.7bn, up 14 per cent at constant currencies. Growth was driven by strong demand for running and football products, as well as gains in Latin America and China, where Nike has been struggling with falling sales.
Nike, the world’s largest sportswear group, recently reported its lowest quarterly revenue in more than four years.
Footwear sales rose just 1 per cent as the broader lifestyle market became more volatile and promotional, even though Adidas said demand for its sales drivers, the retro trainers Samba and Gazelle, remained healthy. “The lifestyle footwear market, especially for him, is currently under pressure due to heavy discounting at many retailers, especially in Europe, but also in many other markets,” Gulden said.
Adidas has sought to extend its retro franchise through new materials and collaborations with artists such as Bad Bunny. Clothing sales, meanwhile, jumped 35 per cent as football shirts increasingly crossed over into streetwear.
Adidas adjusted its full-year 2026 sales guidance, saying it now expected currency-neutral revenues to increase by between 9 and 10 per cent, compared with a previous forecast of high-single-digit growth. It maintained its operating profit target of about €2.3bn.
Adidas said it had recognised only a “small” benefit from initial US tariff refunds received in the second quarter. Potential further refunds of between $250mn and $300mn were not included in its full-year guidance.
The company also said chief financial officer Harm Ohlmeyer would leave at the end of the year, following his decision not to extend his contract. He will be replaced by Birgit Kretschmer, who rejoins from clothing retailer C&A, having previously worked at Adidas until 2020.