For the third quarter, Adidas’ currency-neutral revenues increased four per cent.

Deteriorating traffic trends in Greater China as well as slowing consumer demand in major Western markets weighed on the revenue development. In addition, the company’s decision to suspend its own operations in Russia significantly reduced revenues during the third quarter, particularly impacting the company’s direct-to-consumer (DTC) business. Excluding Russia/CIS, revenues in the company’s own distribution channels were up at a double-digit rate, reflecting the successful sell-through of Adidas’ products.

Within DTC, the company’s e-commerce revenues increased eight per cent. Wholesale revenues during the quarter were impacted by inventory take backs in Greater China reflecting the company’s initiatives to clean up the full-price channel and clear excess inventory through its own factory outlets.

From a category viewpoint revenue growth was the highest in Adidas’ strategic growth categories football and running, both growing at strong double-digit rates. In football, the jersey launches ahead of the Fifa World Cup 2022 fueled consumer excitement prior to the tournament. Revenues in running were driven by the latest iterations of Adidas’ successful running franchises, including Adizero and Supernova, which both grew more than 50 per cent during the quarter.

Drops as part of the Gucci and Balenciaga partnerships continued to spark excitement around the Adidas brand.