2024-04-30 23:23:00
(CNN) — Adidas’ Samba and Gazelle sneakers may look like they’re from another decade, but they’re the most popular footwear on sale right now.
The German sportswear company said sales of retro-style sneakers are “very strong and growing”, helping boost first-quarter profits for the company, which is still trying to find its footing after dissolution of your business association with rapper Ye.
Buoyed by the success of those sneakers, plus increased demand for its running, basketball and soccer shoes, Adidas posted a net profit of about $182 million in the first three months of 2024, a sharp swing from compared to the same period last year. reported a loss of US$26 million.
The history of Samba sneakers goes back to The 1950s, when used by a German soccer team looking for a durable shoe to play in icy and snowy areas. While the design itself was modernized, the three stripes became a signature Adidas symbol.
The Gazelle sneakers, which also feature the three stripes, date back to the 1960’s and were originally designed for indoor sports before becoming one of the most recognized pairs of shoes.
In particular, sales in Europe increased by 14%, and Adidas also saw strong demand for its products in China and Latin America. North America was a sore spot for the brand, as revenue fell 4% due to excess inventory at retailers.
“The markets are still volatile and not easy, but we feel we are making progress everywhere,” Adidas CEO Bjørn Gulden said in a statement. “We will continue to ‘overinvest’ in the product, brand, sales and marketing to ensure continued growth.”
Adidas confirmed its positive outlook for 2024, especially with major sporting events ahead, including Euro 2024 and America Cup football, in addition to the Olympic Games.
Its rival Nike recently got the rights to be the official kit supplier of the German national football teams from 2027 to 2034, abruptly ending the sport’s more than seven-decade partnership with Adidas, which included four World Cup victories for the men’s team.
Adidas suffered a rare annual loss last year, hit by the fallout from its costly breakup with rapper Ye, weak sales in North America and a huge tax bill.
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