It reported that this increase was characterised by a strong recovery from the material revenue decline in the company’s physical distribution channels during the second quarter of 2020, when the global pandemic caused many temporary store closures

E-commerce revenues declined 14% in the quarter, reflecting the exceptionally high growth in the prior year period when digital revenues had almost doubled. The company’s revenues grew 51%, or more than €1.7 billion, in the second quarter to €5.08 billion. Meanwhile, with an improvement 10.7%, operating margins almost fully recovered to pre-pandemic levels.

Given the accelerating top-line momentum, Adidas now expects currency-neutral sales to increase at a rate of up to 20% year-on-year in 2021, driven by strong double-digit improvements in all markets.