Adidas posted an 11% jump in net profit to €484 million for the first quarter, buoyed by a surge in football merchandise ahead of the summer World Cup. Revenue climbed 14% in constant currencies to €6.6 billion, beating forecasts, while clothing sales surged nearly 30% and offset softer footwear growth.

Direct‑to‑consumer channels expanded 22% year‑on‑year, a rare double‑digit gain across all markets, CEO Bjørn Gulden said, noting most product is already positioned for the tournament in the U.S., Canada and Mexico. He warned of supply and transport hiccups but expressed confidence the event will lift sales.

Despite the earnings beat, Adidas shares have slumped more than 30% from a year earlier as investors fret over a slowing sportswear sector and the waning retro‑trainer craze that previously powered growth. Gulden flagged a “very volatile” retail backdrop, especially in lifestyle shoes, and pledged tighter discount controls with limited wholesale supply.

The brand’s Adizero line gained attention after athletes broke the two‑hour marathon barrier in the 97‑gram “super shoe,” sharpening Adidas’s running‑shoe rivalry with Nike. Gross margin slipped one point to 51.1%, as currency swings and higher U.S. tariffs eroded profitability, and the company now expects a €400 million hit to full‑year operating profit.