智通财经网·2025-07-30 07:05Core Viewpoint - Adidas reported significant losses in Q2 due to the Trump administration's global tariff policies, warning of potential cost increases of up to €200 million (approximately $231 million) for its U.S. sales in the second half of the year [1] Financial Performance - Adidas' Q2 net sales grew by 2.2% year-on-year to €5.95 billion, slightly below Wall Street's average expectation of €6 billion, impacted by approximately €300 million in adverse currency effects [2] - The company's inventory increased by 16% to €5.26 billion as a result of early procurement of sports products before the tariffs took effect [1] Market Outlook - Adidas maintained its full-year guidance, expecting sales growth in the high single digits and operating profit between €1.7 billion and €1.8 billion, which is stronger than market expectations [1] - The company faces challenges from U.S. tariffs on exports from its major sourcing countries, Vietnam and Indonesia, which account for about 27% and 19% of its product scale, respectively [2] Competitive Landscape - Nike, a major competitor, reported a significant decline in net profit by 86% to $211 million, indicating the severe impact of tariffs on international sports brands [2] - Analysts from JPMorgan view the 2026 World Cup, co-hosted by the U.S., Canada, and Mexico, as a potential catalyst for sales growth for Nike and other sports brands, predicting a recovery in operating profit margins [3]