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Negative currency impacts Adidas Q4 topline by 9%

March 05, 2014 (United States Of America)

Adidas AG delivers exceptional fourth quarter results. “We finished 2013 with an exceptionally strong fourth quarter. Currency-neutral sales grew 12%, which was above our expectations,” commented Herbert Hainer, adidas Group CEO.
 
“This ensured that we met our revised full year targets from September, despite a further worsening of currency exchange rates. In the fourth quarter alone, negative currency effects cost us 9 percentage points on the top line.” 
 
Q4 2013 HIGHLIGHTS
-Currency-neutral Group sales increase 12%
-Group sales grow in all regions, channels and brands
-adidas and Reebok brand sales increase 10% and 9% currency-neutral, respectively
-Comparable Retail store sales up 3% currency-neutral
 
FULL YEAR 2013 HIGHLIGHTS
-Currency-neutral Group sales up 3% on a currency-neutral basis
-Gross margin improves 1.5pp to 49.3%
-Goodwill impairment in an amount of € 52 million
-Operating margin excluding goodwill impairment improves to 8.7%
-Earnings per share excluding goodwill impairment increase 6%
to a record level of € 4.01
-Net cash position of € 295 million at year-end
-Management to propose dividend of € 1.50 per share
 
OUTLOOK
-Group results in 2014 to be significantly impacted by currency movements
-Currency-neutral Group sales to increase at a high-single-digit rate
-Operating margin to be at a level between 8.5% and 9.0%
-Net income attributable to shareholders to be at a level between
€ 830 million and € 930 million
 
ADIDAS GROUP CURRENCY-NEUTRAL SALES INCREASE 12% IN THE FOURTH QUARTER
In the fourth quarter of 2013, Group revenues grew 12% on a currency-neutral basis. Currency-neutral sales in Retail and Other Businesses increased 15% and 28%, respectively. Sales in the Wholesale segment grew 8% on a currency-neutral basis. Currency-neutral revenues in Western Europe increased 3%, supported by strong double-digit growth at Reebok and TaylorMade-adidas Golf. In European Emerging Markets, currency-neutral sales were up 11% as a result of double-digit revenue growth at both adidas and Reebok. 
 
Group sales in NorthAmerica increased 14% on a currency-neutral basis, driven by double-digit sales increases at adidas, TaylorMade-adidas Golf and Reebok-CCM Hockey. In Greater China, Group sales were up 8% on a currency-neutral basis, driven by strong double-digit sales gains at adidas Originals & Sport Style. Currency-neutral revenues in Other Asian Markets grew 15%, due to double-digit increases at adidas and TaylorMade-adidas Golf. 
 
 
Click here to view full results.

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