The group’s Q4 results, which grew 24 percent in euros to €5,965 million from €4,812 million, were “better-than-expected,” Adidas reported. Excluding Yeezy sales in both years, final period currency-neutral sales rose by 18 percent.
Currency-neutral growth of 12 percent
Gross margin improved by 520 basis points year-over-year to 49.8 percent and the operating profit was €57 million versus a year-ago operating loss of €377 million.
For all of FY24, Adidas generated currency-neutral growth of 12 percent and an 11 percent increase in euro sales to €23,683 million from €21,427 million, according to the preliminary unaudited results released by the company. Annual gross margin grew 330 basis points to 50.8 percent from 47.5 percent. Full-year operating income jumped by more than €1 billion to €1,337 million from €268 million.
Strong growth across all regions
“We clearly see that consumers’ and retailers’ interest in our products is growing across both Lifestyle and Performance,” CEO Bjorn Gulden said in a statement. “Strong growth across all regions and divisions proves the good job our teams are doing across regions and functions.
“…We see potential to increase our market share in all markets,” Gulden continued. “There is a lot of macroeconomic uncertainty right now, but we clearly have the goal to again grow double-digit with the Adidas brand and use that growth to continue to improve our operating profit and make further progress towards our 10 percent margin target,” which Gulden has said before.
Adidas is slated to formally release its Q4 and FY24 results, along with FY25 guidance, on March 5.
