Adidas shares fell 17% at market open on July 30, marking the steepest single-day drop in the sportswear company's history, after second-quarter results disappointed analysts despite strong World Cup-driven sales.
The German company posted second-quarter revenue of 6.7 billion euros, up 14% year-on-year, with football-related revenue nearing 1.5 billion euros during the tournament held across the United States, Canada and Mexico. However, operating profit of 574 million euros missed the 616 million expected, as marketing spending surged by 212 million euros compared with the prior-year quarter. The operating margin contracted to 8.5% from 9.2%. The company also maintained its full-year profit target at 2.3 billion euros, below the 2.47 billion analysts had forecast.
Adidas raised its 2026 revenue growth forecast to between 9% and 10%, citing strong jersey and ball sales during the tournament. CFO Harm Ohlmeyer will depart the company, with Birgit Kretschmer succeeding him on January 1, 2027.