Despite the boycott in China impacting sales, Adidas is adamant that the resumption of major sporting events will spark a post-pandemic boom.
Sales are projected to rise in the high teens in 2021, exceeding March's predictions of mid-to-high teen growth. A 50 percent increase is also expected in the second quarter.
The first-quarter growth figures come amid the ongoing state-media-led boycott in China, which has impacted Adidas' sales on Alibaba's Tmall, a prominent eCommerce platform.
Prior to the boycott, sales in China increased by 156% in the first quarter.
Despite the good results, this is a significant setback for Adidas, as revenues from China accounted for nearly a quarter of the company's total revenue last year.
However, the company has maintained its upbeat outlook, stating that new items, such as new versions of its iconic Ultraboosts trainers, and major sporting events, such as the Euros, Copa America, and the Tokyo Olympics, would drive growth acceleration.
Adidas CEO Kasper Rorsted said, "We are still very optimistic that we will have a very successful year in China."
Adidas cited global problems such as port congestion in the United States, the Suez Canal blockade, and the pandemic as reasons for any future business slowdowns.
The company's positive attitude toward revenue figures is justified, as the sportswear brand revealed that sales increased 20% to €5.268 billion, exceeding analyst expectations of €5 billion.
