As loyal readers know, these are always scrutinized in our columns. Moreover, our previous comments on the results show that when we mark Adidas on the jersey, it's with a desire for objectivity and without partisan vision. 

One thing is certain: new CEO Bjorn Gulden, a Puma defector, is making his mark on the Group's management. Most remarkable of all is his strategy, which runs counter to Nike's, favoring distributors over direct sales channels. In this respect, the American company's recent setbacks seem to confirm the wisdom of this choice.

The former footballer's outspoken style also brings the dose of "disruption" that Adidas so badly needed to reform itself. According to well-informed sources close to MarketScreener, the group had for too long become a caricature of German-style bureaucracy.

Adidas, it should be remembered, was recovering from two calamities when Bjorn Gulden arrived: his break-up with Kayne West, and with it the liquidation of his Yeezy blockbuster brand; and a severe commercial under-performance in China, where his reputation had suffered terribly from a poorly-received pro-Uighur campaign.

The year 2024 began with another earthquake: the loss of the sponsorship contract with the German national soccer team, which had switched to Nike after a seventy-year partnership with Adidas.This war underlined the nature of the inimitable competitive advantage of the two frenemies: the ability to support the most iconic athletes and teams in the world of sport, and thus offer themselves first-rate "influencers" and unrivalled visibility.

All that said, Adidas is finally back in the black. Sales rose by 6% in the first six months of the year - 10% if the currency effect had not been unfavorable - and operating profit tripled in the process. Inventories were reduced by a fifth, the Samba and Gazelle models were successful, net debt was reduced by EUR1.3 billion, and guidance for the 2024 financial year was revised upwards.

As we wrote last March, Bjorn Jurgen has clearly mastered the delicate art of financial communication. Above and beyond this, Adidas' good results should put the Group back on the growth track after eight painful years of stagnation, while the launch of new models could ensure a return of margins to their juicy historical highs.

The excellent performance of the retail segment - up 17% in the second quarter - confirms the merits of the Group's new strategic direction. However, there is still some way to go: Adidas is projecting an operating profit of EUR1 billion in 2024, similar to that of 2015 and still a long way from the EUR2.6 billion peak reached in 2019.

After eighteen months of stock market rallying, the market's reception of the results this morning testifies precisely to these cautions.