adidas Group currency-neutral sales remain stable in the first quarter of 2013
In the first quarter of 2013, Group revenues were stable on a currency-neutral basis as a result of sales increases in Retail and Other Businesses. Currency translation effects had a negative impact on sales in euro terms. Group revenues decreased 2% to € 3.751 billion in the first quarter of 2013 from € 3.824 billion in 2012.
First Quarter 2013 Results:
- Group sales stable on a currency-neutral basis
- Gross margin grows 2.4 percentage points to record level of 50.1%
- Net income attributable to shareholders up 6% to € 308 million
- adidas Group confirms full year guidance
Group sales supported by growth in Retail and Other Businesses
In the first quarter of 2013, currency-neutral Wholesale revenues decreased 3% due to double-digit sales declines at Reebok. Currency-neutral Retail sales increased 6% versus the prior year, driven by sales growth at both adidas and Reebok. Revenues in Other Businesses were up 9% on a currency-neutral basis, driven by double-digit sales increases at TaylorMade-adidas Golf.
Currency translation effects had a negative impact on segmental sales in euro terms. Wholesale revenues decreased 5% to € 2.481 billion in the first quarter of 2013 from € 2.614 billion in 2012. Retail sales grew 4% to € 722 million versus € 693 million in the prior year. Sales in Other Businesses rose 6% to € 548 million (2012: € 517 million).
"Our Group has delivered a solid performance in the first quarter of 2013," commented Herbert Hainer, adidas Group CEO. "We delivered stable revenues, despite running against high prior year comparisons due to the sell-in of event-related products for the London Olympics and the European Football Championships as well as facing a continuation of macroeconomic challenges in Europe.
"And, we delivered strong margin progress which is our top priority for the year. Our relentless focus on quality sales growth resulted in our highest-ever quarterly gross margin, above 50% for only the second time in our history."
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