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adidas Group currency-neutral sales increase 11% in Q4
07
Mar '12
adidas AG releases full year results for 2011.

Q4 2011 highlights:
• Currency-neutral Group sales up 11%
• Brand adidas sales increase 14% currency-neutral
• North America grows 19% currency-neutral
• Comparable Retail store sales up 11% currency-neutral

Full year 2011 highlights:
• Currency-neutral Group sales up 13% to a new record level of more than € 13.3 billion
• Group sales up in all regions, channels and brands
• adidas and TaylorMade-adidas Golf sales increase 14% and 16%, respectively
• Net income increases 18% to a record level of € 671 million
• Net cash position of € 90 million at year-end

Outlook
• adidas Group expects continued momentum in 2012
• Group sales to increase at a mid- to high-single-digit rate
• Operating margin to improve to a level approaching 8.0%
• Earnings per share to be in the range of € 3.52 to € 3.68
• Management to propose a 25% higher dividend of € 1.00 per share

Herbert Hainer: "2011 - a perfect start to our Route 2015 journey""
At the start to any strategic plan, it is important to gain momentum quickly and set a precedent by hitting targets. In this respect, we couldn't have asked for a better start. We enjoyed the Group's fastest organic growth rate since 2006, as sales increased 13% currency-neutral. We made progress on improving profitability, with earnings per share growing 18% to a new record level of € 3.20. And we ended the year with our balance sheet in top shape, with average operating working capital as a percentage of sales remaining at all-time lows of 20.8%, and a net cash position of € 90 million."

In the fourth quarter of 2011, Group revenues grew 11% on a currency-neutral basis. Currency-neutral sales in the Wholesale and Retail segments increased 9% and 18%, respectively. Sales for Other Businesses grew 12% on a currency-neutral basis.

Currency-neutral revenues in Western Europe increased 13%, supported by high-teens growth at adidas. In European Emerging Markets, currency-neutral sales were up 20% as a result of double-digit revenue growth at both adidas and Reebok. Group sales in North America grew 19% on a currency-neutral basis, driven by increases at all brands, with particular strength at adidas as well as TaylorMade-adidas Golf.

In Greater China, Group sales were up 13% on a currency-neutral basis, driven by strong double-digit sales gains at adidas Sport Performance.

Currency-neutral revenues in Other Asian Markets grew 2%, due to increases at all brands except Reebok. In Latin America, adidas Group sales declined 1% on a currency-neutral basis as growth at adidas was more than offset by sales declines at Reebok. In contrast to the previous quarter, currency translation effects had no material impact on sales in euro terms. Group revenues grew 11% to € 3.263 billion in the fourth quarter of 2011 from € 2.931 billion in 2010.

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adidas AG

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