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Adidas Group revenues soar 18% in Q3
09
Nov '15
In the three months to September 30, 2015, Adidas Group revenues soared 18 per cent in euro terms to €4.758 billion from €4.044 billion in the same period of 2014.

On a currency-neutral basis revenues drove up 13 per cent year on year driven by an accelerated momentum at Adidas as well as robust growth at both Reebok and Taylormade-Adidas Golf.

For the Adidas brand, currency-neutral revenues grew 14 per cent driven by double-digit sales increases in Western Europe, North America, Greater China, Latin America and MEAA.

While in Reebok brand, currency-neutral sales rose much slower at 3 per cent versus the prior year's third quarter, while currency-neutral sales at Taylormade-Adidas Golf increased 6 per cent.

Group gross profit surged 20 per cent to €2.304 billion in the third quarter of 2015 as against €1.918 billion in the previous year's third quarter.

The Group's gross margin increased 1.0 bps to 48.4 per cent from 47.4 per cent led by the positive effects from a more favourable pricing and channel mix, partly offset by higher input costs and negative currency effects.

Other operating expenses expanded 18 per cent to €1.845 billion in the reporting quarter compared to €1.565 billion in the same quarter of earlier year.

“This reflects an increase in sales and marketing investments as well as higher operating overhead costs,” a press release from Adidas informed.

As a percentage of sales, other operating expenses rose marginally by 0.1 bps to 38.8 per cent vis-à-vis 38.7 per cent in the third quarter of 2015.

In the quarter under review, operating profit climbed 26 per cent to €505 million from €399 million in last year's corresponding period, which represents an operating margin of 10.6 per cent, up 0.7 bps year over year.

“This development was driven by the increase in gross margin, which more than offset higher operating expenses as a percentage of sales,” the German sports goods and sportswear marketer added.

Net income from continuing operations grew 20 per cent to €337 million in the reporting period as against €280 million in the year ago period.

“The momentum that Adidas and Reebok are enjoying proves that our products and marketing are resonating well, both in the lifestyle and the performance arena,” Herbert Hainer, CEO at Adidas Group said.

“The third quarter shows that, in combination with our excellence in execution, this is the game plan to drive brand desirability and generate strong top and bottom-line growth,” he too added. (AR)

Fibre2Fashion News Desk – India

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