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Adidas Shares Drop 17% After Poor Results
Adidas, the German sportswear company, saw its shares decline by more than 17%, marking its biggest one-day drop in history, after the company's profits came in below market expectations despite rising sales. The company achieved record revenues of €6.7 billion in the second quarter, up 14% year-on-year, but net profit from ongoing operations increased only by 6%, reaching €398 million, affected by a €212 million rise in marketing spending due to World Cup campaigns. Adidas also raised its sales growth forecast for 2026 to between 9% and 10%, while maintaining its operating profit target at around €2.3 billion. Additionally, the company announced the departure of Chief Financial Officer Harm Olmaier and appointed Birgit Kreichmer as his successor.
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