German sportswear giant Adidas reported 1Q2022 revenue to 5.3 billion euros, up -3% compared to 2021. DTC revenues were up 1% year-over-year, reflecting a 33% increase from the 2020 level. adidas e-commerce revenues saw a double-digit share of full-price sales, while revenues in the company’s own digital channel rose 2% during the quarter, reflecting exceptionally high growth in the prior year. Compared to the 2020 level, e-commerce revenues increased 50% in the first quarter.
Adidas: double-digit growth in western markets.
German sports giant Adidas reported its first quarter turnover of 2022: 5.3 billion euros, -3% compared to 2021. DTC revenues were up 1% year-over-year, reflecting a 33% increase from the 2020 level. The company’s digital channel revenue grew 2% in the quarter, reflecting exceptionally high growth in the quarter, posting double-digit growth in full-price sales. Compared to the 2020 level, e-commerce revenues increased 50% in the first quarter.
Across geographies, peak development in the first quarter of 2022 continued to show significant differences between western and eastern markets. Currency-like revenues in all Western markets were up 13% this quarter, with double-digit gains in North America (+13%) and Latin America (+38%), despite supply chain constraints that limited growth to around €400 million. Sales in EMEA were most affected by the supply shortage, with more than half of the total negative impact recorded in this market. However, revenues in the region grew at a high single digit rate (+9%). In the eastern part of the world, the company continued to face a challenging market in China, which was strengthened by regional lockdowns.
