According to foreign media reports from The Wall Street Journal and CNBC, on April 29 local time, Adidas CEO Kasper Rorsted warned in the first quarter of 2025 financial report that the company's performance may be impacted by Trump's tariffs and the brand will have to raise prices in the U.S. market.

Rorsted also stated that although the company's profits achieved significant growth in the first quarter, due to "global trade disputes," Adidas was unable to adjust its full-year performance targets.

Despite the 90-day deferral period implemented by Trump for his so-called "reciprocal tariffs," the shadow of these extremely high tariffs continues to loom over this German sportswear giant. Adidas said that it is "almost impossible" to produce any products in the United States at present. The company's main production facilities are largely located in countries such as Cambodia, Vietnam, and Thailand.

However, according to the tariff list announced by Trump on April 2, the U.S. will impose more than 30% "reciprocal tariffs" on countries including Cambodia, Vietnam, and Thailand. Once these tariffs come into effect, as an important link in its global supply chain, Adidas' production and sales will undoubtedly suffer severe damage.

As one of Adidas' key production locations, Trump's "exorbitant tariffs" imposed on China have also had a significant impact on its supply chain. Rorsted stated that despite Adidas reducing exports of goods made in China to the U.S. to the lowest possible level, it is still "to some extent" affected by the U.S. tariffs on China.

The financial report stated that "higher tariffs will ultimately lead to increased costs for all our products in the U.S. market," but due to the "uncertainty of the results of trade negotiations between the U.S. and different countries," it is currently impossible to accurately calculate the cost of these tariffs or determine their potential impact on consumer demand in the U.S., thus unable to confirm exactly how much prices will increase in the U.S. market.

It is worth noting that after the financial report was released, Rorsted told The Wall Street Journal in an interview on the same day that Adidas currently has no plans to raise prices outside the U.S. market.

Rorsted complained: "With this strong quarter, solid sales, and consumers' overall very positive attitude towards Adidas, we could have raised expectations for annual revenue and profit, but the uncertainty brought by U.S. tariffs has prevented this."

The latest financial report showed that Adidas' global revenue reached 6.153 billion euros (approximately 50.958 billion RMB) in the first quarter this year, up 13% year-on-year. In the same period, Adidas' operating profit grew strongly from 336 million euros last year to 610 million euros (approximately 5.063 billion RMB), an increase of 82%; gross margin also increased by 0.9 percentage points compared to the previous year to reach 52.1%.

Adidas previously expected that its sales in 2025 would grow at a "high single-digit" rate (5% to 9%) and its operating profit would increase to between 1.7 billion and 1.8 billion euros. Although the latest financial report exceeded expectations, due to the uncertainty surrounding U.S. import tariffs making it difficult to make predictions and plans, Adidas still maintained its full-year performance forecast unchanged.

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Original source: https://www.toutiao.com/article/7498738825703801354/

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