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German manufacturer Adidas reports FY20 sales of €19.8 bn
11 Mar 21 2 min read
Adidas, a German designer and manufacturer of shoes, clothing and accessories, reported 16 per cent sales decline to €19.8 billion in its complete fiscal 2020 ended on December 31, 2020 compared to the sales of €23.6 billion in previous fiscal. Net income from continuing operation for year fell 78 per cent to €429 million (FY19: €1.9 billion).
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“2020 was a year like no other. But despite all the challenges we faced, we still used the year to make Adidas a better company,” Kasper Rorsted, Adidas CEO, said in a press release. “Our business continued to recover towards year-end and we returned to growth in the fourth quarter. E-com was a standout throughout the year as we grew revenues in our most important store by 53 per cent in 2020 to significantly more than €4 billion.”
Gross profit for FY20 decreased 20 per cent to €9.8 billion (€12.3 billion). Whereas EBITDA slipped 46 per cent to €2.0 billion (€3.8 billion). Company’s operating profit for full year dropped to €751 million (€2.6 billion).
In 2020, sales in Europe declined 12 per cent to €5.3 billion (€6.0 billion), while in North America, sales were down 10 per cent to €4.7 billion (€5.3 billion). Asia-Pacific’s region sales fell 18 per cent to €6.5 billion (€8.0 billion). Russia/CIS sales declined 11 per cent to €584 million (€658 million), and Latin America region sales plunged 30 per cent to €1.1 billion (€1.6 billion).
“We are confident about 2021 and will be fast out of the gate in the first year of our new strategic cycle, delivering mid- to high-teens sales growth globally,” Rorsted said.
Fibre2Fashion News Desk (JL)
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