BERLIN (dpa-AFX) - Sportswear maker adidas AG (ADDYY.PK) Tuesday announced preliminary results for the fourth quarter of 2024.
In the fourth quarter, currency-neutral revenues increased 19%. In euro terms, the company's revenues grew 24% to €5,965 million, from €4,812 million last year.
Excluding Yeezy sales in both years, currency-neutral revenues increased 18%. The company's gross margin increased 5.2 percentage points to 49.8% from 44.6% last year.
Operating profit reached €57 million in the quarter, compared to operating loss of €377 million last year.
Based on preliminary unaudited numbers for the full year of 2024, the company's currency-neutral revenues were up 12%. In euro terms, revenues increased 11% versus the prior year and reached €23.683 billion in 2024 compared to €21.427 billion.
Excluding Yeezy sales in both years, currency-neutral revenues increased 13%. The company's gross margin improved by 3.3 percentage points to 50.8% in 2024 compared to 47.5%. Full-year operating profit increased by more than €1 billion to €1,337 million in 2024 compared to €268 million last year.
adidas CEO Bjørn Gulden 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.'
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