Adidas profit hits record after US tariff refund

Adidas said on October 20 that its core profit reached a record 1.01 billion euros in the third quarter, helped by healthy sales and 200 million euros in refunded tariffs from the US government.

The German sportswear company said core profit in the three months to the end of September rose 37 percent from the same period last year.

Adidas said it received the majority of its US tariff claims during the quarter. It also said profit margins were supported by healthy full-price sales.

The US Supreme Court in February struck down many of the tariffs from US President Donald Trump's trade measures last year, finding that the duties exceeded his powers to regulate commerce. An August court filing said the US government had accepted almost $130 billion worth of refunds by the end of July.

Adidas raised its full-year core profit outlook to 2.5 billion euros from 2.3 billion euros. The company also said it would invest 100 million euros more than planned.