New York CNN —Adidas’ Samba and Gazelle sneakers might look like they’re from another decade, but they’re the hottest shoes on sale right now.
Buoyed by the strength of those shoes, plus higher demand for its running, basketball and soccer shoes, Adidas registered a net profit of about $182 million through the first three months of 2024 — a sharp reversal from the same time period last year when it reported a $26 million loss.
In particular, sales in Europe soared 14%, and Adidas also had strong demand for its products in China and Latin America.
“The markets are still volatile and not easy, but we feel we are making progress everywhere,” said Adidas CEO Bjørn Gulden in a release.
Last year, Adidas slumped to a rare annual loss, hit by the fallout from its costly break-up with rapper Ye, sluggish sales in North America and a huge tax bill.
Persons:
Ye, ”, Bjørn Gulden, “
Organizations:
New, New York CNN, Adidas, ’, Copa America, Rival Nike, German, soccer teams
Locations:
New York, German, Europe, China, Latin America, North America