Adidas

Global fashion groups · ADS.DE

The Japan read

From the company's own filing for Q2 2026 (Apr–Jun) · reported 2026-07-30 · the filing

JapanJapan/South Korea sales rose 18% currency-neutral to €376m in the second quarter but only 6% in euros; for the half, 21% currency-neutral and 7% in euros, to €781m.
Not disclosedadidas manages Japan and South Korea as separate segments internally but, citing their small size, reports them only combined — there is no Japan-only figure.
JapanFor the half, adidas credits double-digit Performance growth (Football, Running, plus gains in Training and Golf) and double-digit Lifestyle growth led by Originals for the Japan/South Korea increase.
JapanThe investor presentation puts Japan/South Korea direct-to-consumer sales up 25% currency-neutral in the second quarter and 24% in the half, as every market posted double-digit DTC growth.

Other callouts in the filing

SegmentCurrency squeezed the region's profitability: Japan/South Korea gross margin fell 0.6 points to 53.8% in the half, though segmental operating profit still rose 8% to €190m, a 24.3% margin.
Outlookadidas raised full-year currency-neutral growth guidance to 9–10% from high-single digits, kept operating profit at about €2.3bn, and leaves out potential US tariff refunds of $250–300m.

floortok's reading of the filing, in our own words. Figures are the company's own; where a growth rate is our arithmetic, it says so.

Show figures in

Q2 2026 (Apr–Jun) · Quarter alone

Reported 2026-07-30

Net sales€6.7bn+13.3%

Operating profit€0.6bn+5.0%

Net income€0.4bn+6.0%

Adidas posted its strongest quarter and half-year on record: Q2 2026 net sales rose 14% at constant currency (13.3% as reported) to €6.74bn, but heavier World Cup-related marketing spend (+€212mn) held operating profit growth to 5% (€574mn) and net income to 6% (€398mn), while management raised full-year revenue guidance to 9–10% constant-currency growth. Japan, reported jointly with South Korea, was among the strongest regions: combined sales rose 18% at constant currency in the quarter (21% for the half), with direct-to-consumer sales across the pair up 25%.