The Three Stripes, citing strong current momentum, raised its annual revenue outlook for North America last week at the same time it warned of a possible global deceleration in consumer spending in H2 due to challenging macroeconomic conditions. Adidas currently sees its FY22 North American currency-neutral revenues rising in the high teens.

In the second quarter, the group’s footwear rose 14 percent on a reported basis to the equivalent of $3.45 billion with football, running and outdoor each rising by double digits. Apparel sales declined 1 percent on a reported basis to the equivalent of $2,097 million. Accessories and gear sales came in 33 percent higher at $424.7 million. In North America, Q2 revenues rose 37 percent on a reported basis to the equivalent of $1,816 million as the regional operating profit increased 31 percent on a currency-neutral basis to $384.2 million.

As of last week, Adidas said it had not experienced any slowdown in sellthroughs or significant wholesale order cancellations at it reported a 10.2 percent increase in Q2 revenues to the equivalent of $5,956 million despite persistent supply and demand challenges and more than $319 million in lost revenues due to factory shutdowns in Vietnam last summer and its market withdrawal from Russia/CIS. The company’s Q2 operating profit declined 28 percent to approximately $417 million and income from continuing operations was off 7.0 percent to $383 million, propped up by a one-time tax benefit of approximately $106.4 million.