Adidas sees revenues surge 24% to €5.97bn in Q4
Excluding Yeezy sales in both years, currency-neutral revenues increased 13%
Adidas has reported “better than expected” Q4 results as its revenues grew 24% to €5.97bn (£5.17bn) compared with €4.81bn (£4.17bn) in 2023.
Excluding Yeezy sales in both years, currency-neutral revenues increased 18%.
The company’s gross margin also increased 5.2 percentage points to 49.8%, while its operating profit reached €57m (£49.4m), compared with an operating loss of €377m (£326.8m) in 2023.
Additionally, based on preliminary unaudited numbers for the full year of 2024, the company’s currency-neutral revenues were up 12%, with total sales rising to €23.68bn (£20.49bn) in 2024.
Excluding Yeezy sales in both years, currency-neutral revenues increased 13%.
Meanwhile, the company’s gross margin improved by 3.3 percentage points to 50.8% in 2024 (2023: 47.5%), while full-year operating profit increased by more than €1bn (£845.3m) to €1.34bn (£1.16bn), up from €268m (£232m) in 2023.
Adidas will publish its final set of financial results for 2024 and issue financial guidance for 2025 on 5 March 2025.
Bjørn Gulden, adidas CEO, said: “I am very pleased the way the fourth quarter and the full year developed for us at adidas. 19% currency-neutral growth (+24% reported) in a quarter that in general was difficult for the trade underlines the strong momentum we currently see for our brand and our products. We clearly see that consumers’ and retailers’ interest in our products is growing across both Lifestyle and Performance. Strong growth across all regions and divisions proves the good job our teams are doing across regions and functions.
“We grew double-digit in 2024 (+12% currency-neutral) and improved our operating profit for the year by more than €1bn (£845.3m) to €1.34bn (£1.16bn). So although we are not yet where we want to be long term, I am very happy with this development which was much better than we had expected. We still have a lot to improve but I am very proud of what our teams and people have achieved in 2024.”
He added: “We also feel good about the future, and we see potential to increase our market share in all markets. There is a lot of macroeconomic uncertainty right now, but we clearly have the goal to again grow double-digit with the adidas brand and use that growth to continue to improve our operating profit and make further progress towards our 10% margin target.”
