Adidas Group Currency-Neutral
For immediate release Herzogenaurach, May 5, 2011
First Quarter 2011 Results:
Group sales increase 18% on a currency-neutral basis
Net income attributable to shareholders up 25% to € 209 million adidas Group increases full year sales guidance
• Comparable Retail store sales grow 17% currency-neutral • adidas and Reebok sales increase 18% and 24% respectively • Gross margin almost unchanged at 48.5% despite higher input costs • Operating margin up on a comparable basis • Net borrowings down 33% to € 914 million at quarter-end
adidas Group currency-neutral sales increase 18% in the first quarter of 2011
In the first quarter of 2011, Group revenues grew 18% on a currency-neutral basis as a result of double-digit sales increases in Wholesale, Retail and Other Businesses. Currency translation effects had a positive impact on sales in euro terms. Group revenues grew 22% to € 3.273 billion in the first quarter of 2011 from € 2.674 billion in 2010.
“We are off to a powerful start in 2011 with record first quarter results,” commented Herbert Hainer, adidas Group CEO. “Strong double-digit growth in key markets such as North America, Greater China and Russia and the successful introduction of new products and campaigns by adidas, Reebok and TaylorMade underline the strength and desirability of our Group brands all around the globe.”
Wholesale and Retail segments drive strong sales growth in Q1
In the first quarter of 2011, currency-neutral Wholesale revenues increased 18% due to double-digit sales growth at both adidas and Reebok. Currency-neutral Retail sales increased 22% versus the prior year, mainly as a result of double-digit growth of comparable store sales. Revenues in Other Businesses were up 14% on a currency-neutral basis, driven by double-digit sales increases at TaylorMade-adidas Golf.
Currency translation effects had a positive impact on segmental sales in euro terms. Wholesale revenues
First Quarter 2011 Results:
Group sales increase 18% on a currency-neutral basis
Net income attributable to shareholders up 25% to € 209 million adidas Group increases full year sales guidance
• Comparable Retail store sales grow 17% currency-neutral • adidas and Reebok sales increase 18% and 24% respectively • Gross margin almost unchanged at 48.5% despite higher input costs • Operating margin up on a comparable basis • Net borrowings down 33% to € 914 million at quarter-end
adidas Group currency-neutral sales increase 18% in the first quarter of 2011
In the first quarter of 2011, Group revenues grew 18% on a currency-neutral basis as a result of double-digit sales increases in Wholesale, Retail and Other Businesses. Currency translation effects had a positive impact on sales in euro terms. Group revenues grew 22% to € 3.273 billion in the first quarter of 2011 from € 2.674 billion in 2010.
“We are off to a powerful start in 2011 with record first quarter results,” commented Herbert Hainer, adidas Group CEO. “Strong double-digit growth in key markets such as North America, Greater China and Russia and the successful introduction of new products and campaigns by adidas, Reebok and TaylorMade underline the strength and desirability of our Group brands all around the globe.”
Wholesale and Retail segments drive strong sales growth in Q1
In the first quarter of 2011, currency-neutral Wholesale revenues increased 18% due to double-digit sales growth at both adidas and Reebok. Currency-neutral Retail sales increased 22% versus the prior year, mainly as a result of double-digit growth of comparable store sales. Revenues in Other Businesses were up 14% on a currency-neutral basis, driven by double-digit sales increases at TaylorMade-adidas Golf.
Currency translation effects had a positive impact on segmental sales in euro terms. Wholesale revenues