Group sales increase 8% on a currency-neutral basis
Net income attributable to shareholders up 22% to € 798 million
adidas Group to achieve record sales and earnings in 2012 and 2013
- adidas and TaylorMade-adidas Golf currency-neutral sales up 12% and 21% in first nine months respectively
- Operating margin grows 0.4 percentage points in first nine months
- Gross margin up 0.3 percentage points in Q3 despite increase in input costs
- Inventories decline 1% on a currency-neutral basis
- Net borrowings decrease 55% to € 337 million at quarter-end
adidas Group currency-neutral sales grow 4% in the third quarter of 2012
22-11-2012 — /europawire.eu/ — In the third quarter of 2012, Group revenues grew 4% on a currency-neutral basis, driven by double-digit sales increases in Retail. Currency-neutral revenues in Western Europe increased 1%, supported by sustained momentum at adidas. In European Emerging Markets, currency-neutral sales grew 19% as a result of strong increases at both adidas and Reebok. Group sales in North America were down 5% on a currency-neutral basis, as double-digit increases at adidas and TaylorMade-adidas Golf were more than offset by strong revenue declines at Reebok. In Greater China, Group sales were up 11% on a currency-neutral basis, driven by double-digit increases at adidas as well as growth at Reebok. Currency-neutral revenues in Other Asian Markets increased 1% as growth at adidas was partly offset by a strong sales decline at Reebok. In Latin America, currency-neutral sales grew 16%, driven by double-digit growth at adidas, TaylorMade-adidas Golf and Rockport. From a brand perspective, third quarter sales at adidas increased 10% currency-neutral. Sales in the TaylorMade-adidas Golf segment grew 4% on a currency-neutral basis. Reebok sales declined 25% on a currency-neutral basis, largely as a result of the non-recurrence of prior-year licence sales as well as negative impacts from Reebok India Company. Currency translation effects had a positive impact on sales in euro terms. Group revenues grew 11% to € 4.173 billion in the third quarter of 2012 from € 3.744 billion in 2011.
Third quarter gross margin increases 0.3 percentage points
The Group’s gross margin increased 0.3 percentage points to 47.4% (2011: 47.1%) in the third quarter as product price increases, a more favourable product and regional sales mix as well as a larger share of higher-margin Retail sales more than offset the increase in input costs. Group gross profit increased 12% to € 1.978 billion (2011: € 1.762 billion). Other operating expenses as a percentage of sales grew 0.7 percentage points to 37.0% compared to 36.3% in the prior year, mainly as a result of an increase in the Group’s marketing expenditure to support this year’s major sporting events. As a result of the higher gross margin and other operating income, which more than offset the increase in other operating expenses as a percentage of sales, the Group’s operating margin grew 0.1pp to 11.8%. Operating profit increased 12% to € 494 million compared to € 441 million in 2011. The Group’s net income attributable to shareholders grew 14% to € 344 million (2011: € 303 million). Diluted earnings per share for the third quarter increased 14% to € 1.64 (2011: € 1.45).
“These impressive financial results reflect our relentless focus on creating the industry’s most desirable brands, which we are doing through consistent product innovation, brand authentication and investment,” commented Herbert Hainer, adidas Group CEO. “We have grown the bottom line faster than the top line now for the last seven quarters, which ensures we will deliver another year of record financial results for 2012.“
adidas Group currency-neutral sales up 8% in the first nine months of 2012
In the first nine months of 2012, Group revenues increased 8% on a currency-neutral basis. Currency translation effects had a positive impact on sales in euro terms. Group revenues grew 14% to € 11.514 billion in the first nine months of 2012 from € 10.081 billion in 2011.
First nine months Group sales increase driven by double-digit growth in Retail and Other Businesses
The adidas Group’s sales increase in the first nine months of 2012 was primarily due to double-digit growth in Retail as well as in Other Businesses. Currency-neutral Wholesale revenues increased 4% during the period, driven by double-digit sales growth at adidas. Currency-neutral Retail sales increased 16% versus the prior year as a result of double-digit sales growth at adidas and Reebok. Comparable store sales grew 9% on a currency-neutral basis. Revenues in Other Businesses increased 20% on a currency-neutral basis, mainly due to strong double-digit sales growth at TaylorMade-adidas Golf and Reebok-CCM Hockey. Currency translation effects had a positive impact on segmental sales in euro terms.
Nine months |
Nine months |
Change y-o-y in euro terms |
Change y-o-y currency-neutral |
|
€ in millions |
€ in millions |
in % |
in % |
|
Wholesale |
7,470 |
6,869 |
9 |
4 |
Retail |
2,491 |
2,015 |
24 |
16 |
Other Businesses |
1,553 |
1,197 |
30 |
20 |
Total1) |
11,514 |
10,081 |
14 |
8 |
Nine months net sales development by segment
1) Rounding differences may arise in totals.
Currency-neutral sales increase in all regions
In the first nine months of 2012, currency-neutral adidas Group sales grew in all regions. Revenues in Western Europe increased 4% on a currency-neutral basis, primarily as a result of double-digit sales growth in the UK and Poland. InEuropean Emerging Markets, Group sales increased 17% on a currency-neutral basis due to double-digit growth in most of the region’s markets. Sales for the adidas Group in North America grew 5% on a currency-neutral basis due to increases in both the USA as well as Canada. Sales in Greater China increased 16% on a currency-neutral basis. Currency-neutral revenues in Other Asian Markets grew 9%, driven by double-digit increases in Japan and South Korea. InLatin America, sales grew 10% on a currency-neutral basis, with strong double-digit increases in Argentina and Colombia. Currency translation effects had a positive impact on sales in euro terms
Nine months 2012 |
Nine months |
Change y-o-y in euro terms |
Change y-o-y currency-neutral |
|
€ in millions |
€ in millions |
in % |
in % |
|
Western Europe |
3,342 |
3,172 |
5 |
4 |
European Emerging Markets |
1,486 |
1,189 |
25 |
17 |
North America |
2,641 |
2,306 |
15 |
5 |
Greater China |
1,169 |
900 |
30 |
16 |
Other Asian Markets |
1,741 |
1,482 |
17 |
9 |
Latin America |
1,135 |
1,031 |
10 |
10 |
Total1) |
11,514 |
10,081 |
14 |
8 |
Nine months net sales development by region
1) Rounding differences may arise in totals.
Group gross margin decreases 0.4 percentage points
The gross margin of the adidas Group decreased 0.4 percentage points to 47.8% in the first nine months of 2012 (2011: 48.2%). The increase in input costs more than offset the positive impact from product price increases, a more favourable product and regional sales mix as well as a larger share of higher-margin Retail sales. Gross profit for the adidas Group grew 13% in the first nine months of 2012 to € 5.500 billion versus € 4.855 billion in the prior year.
Operating margin improves 0.4 percentage points
Group operating profit increased 19% to € 1.159 billion in the first nine months of 2012 versus € 973 million in 2011. The operating margin of the adidas Group improved 0.4 percentage points to 10.1% (2011: 9.7%). This was primarily due to the positive effects from lower other operating expenses as a percentage of sales, which more than offset the decrease in gross margin. Higher royalty and commission income as well as higher other operating income also contributed to this development. Other operating expenses as a percentage of sales decreased 0.5 percentage points to 39.1% in the first nine months of 2012 from 39.6% in 2011. In euro terms, other operating expenses increased 13% to € 4.500 billion (2011: € 3.996 billion), as a result of the expansion of the Group’s own-retail activities as well as higher marketing expenditure. Thereof, sales and marketing working budget expenditures amounted to € 1.346 billion, which represents an increase of 8% versus the prior year level (2011: € 1.245 billion).
Financial income grows 25%
Financial income increased 25% to € 29 million in the first nine months of 2012 from € 24 million in the prior year, mainly due to an increase in interest income.
Financial expenses decrease 13%
Financial expenses declined 13% to € 84 million in the first nine months of 2012 (2011: € 97 million). The decrease in negative exchange rate effects was the main contributor to the decline.
Income before taxes as a percentage of sales increases 0.7 percentage points
Income before taxes (IBT) for the adidas Group increased 23% to € 1.104 billion in the first nine months of 2012 from € 900 million in 2011. IBT as a percentage of sales improved 0.7 percentage points to 9.6% from 8.9% in 2011. This was a result of the Group’s operating margin increase and lower net financial expenses.
Net income attributable to shareholders up 22%
The Group’s net income attributable to shareholders increased to € 798 million in the first nine months of 2012 from € 652 million in 2011. This represents an increase of 22% versus the prior year level. Higher IBT was the primary reason for this development. The Group’s tax rate increased 0.4 percentage points to 27.8% (2011: 27.4%), mainly due to a less favourable earnings mix.
Basic and diluted earnings per share reach € 3.82
In the first nine months of 2012, basic and diluted earnings per share amounted to € 3.82 (2011: € 3.12), representing an increase of 22%. The weighted average number of shares used in the calculation of both basic and diluted earnings per share was 209,216,186 (2011 average: 209,216,186) as there were no potential dilutive shares in the first nine months.
Group inventories up 2%
Group inventories grew 2% to € 2.347 billion at the end of September 2012 versus € 2.302 billion in 2011. On a currency-neutral basis, inventories were down 1%, reflecting the Group’s strong focus on inventory management.
Accounts receivable increase 6%
At the end of September 2012, Group receivables increased 6% to € 2.387 billion (2011: € 2.251 billion). On a currency-neutral basis, receivables were up 3%. This growth is slightly higher than the 1% currency-neutral wholesale-related sales increase in the third quarter of 2012.
Net borrowings decrease € 414 million
Net borrowings at September 30, 2012 amounted to € 337 million, which represents a decrease of € 414 million, or 55%, versus € 750 million at the end of September 2011. The decrease was driven by the strong operating cash flow development over the past 12 months. Currency translation had a positive effect in an amount of € 37 million. The Group’s ratio of net borrowings over 12-month rolling EBITDA decreased to 0.2 at the end of September 2012 versus 0.6 in the prior year.
adidas Group confirms earnings guidance for the full year 2012
The strong performance in the first nine months of 2012 has set the adidas Group up for another year of record financial results. Compared to the previous guidance, Management has decided to adjust the full year 2012 adidas Group sales guidance. Management now forecasts adidas Group sales to increase at a high-single-digit rate on a currency-neutral basis in 2012 (previously: at a rate approaching 10%). The slight reduction relates to lower sales expectations at Reebok and Rockport as well as negative impacts due to the NHL lockout.
In 2012, the adidas Group gross margin is forecasted to be around 47.5% (2011: 47.5%). As in the prior year, gross margin development will be negatively impacted by increasing input and labour costs year-over-year. However, these negative influences will be largely offset by positive regional mix effects, as growth rates in high-margin emerging markets are projected to be above growth rates in more mature markets. In addition, a larger share of higher-margin Retail sales as well as product price increases will positively influence Group gross margin development.
The adidas Group’s other operating expenses as a percentage of sales are expected to decrease modestly (2011: 41.4%). Sales and marketing working budget expenses as a percentage of sales are projected to decrease slightly compared to the prior year. Operating overhead expenditure as a percentage of sales is also forecasted to decline in 2012.
In 2012, the operating margin for the adidas Group is expected to increase to a level approaching 8.0% (2011: 7.6%), despite a projected negative impact of up to € 70 million on Group operating profit related to the reorganisation and changes to commercial activities at Reebok India Company. Lower other operating expenses as a percentage of sales are expected to be the primary driver of the operating margin improvement.
As a result, net income attributable to shareholders is projected to increase at a rate of 15% to 17% to a level between € 770 million and € 785 million. This equates to basic earnings per share between € 3.68 and € 3.75.
Herbert Hainer stated: “Our results this year prove that Route 2015 is a powerful and robust strategic business plan. We are fully prepared and ready to continue in the same direction and with the same determination in 2013 as we stay focused, simplify to the maximum and implement with excellence. We have a full pipeline of game-changing product innovation and fresh brand activation that will shake up the market and yield one result – significant market share gains for our Group. And with it, we will grow our top line, improve our operating margin to around 9%, and deliver another year of significant double-digit earnings growth.”
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- The Pavilions Hotels & Resorts Excited To Announce First Luxury Resort Brand In El Nido, Palawan Island Philippines
- New Customer Data Platform Options Emerge During Pandemic Slowdown: CDP Institute Report
- Digi Communications N.V. announces The Competition Council authorized the economic concentration accomplished by the Company’s Romanian subsidiary („RCS&RDS”) by gaining control over some of the assets held by Akta Telecom S.A., Digital Cable Systems S.A. and ATTP Telecommunications S.R.L.
- TABS Score™ Expands its European Footprint; Begins Partnership Discussions Amongst Key Players in EU Venture Ecosystem
- Mono and Brandify partner to bring appointment booking to local businesses
- Digi Communications N.V. announces ANCOM approval for RCS & RDS S.A. to continue to apply a surcharge for certain roaming services provided in the EEA for a renewed maximum period of 12 months
- DerbySoft Expands Metasearch Coverage for Hotels Around the World
- Palette Life Sciences Announces European Distribution Expansion for Deflux® and Solesta® for More Than Twenty Countries Through Five Leading Distributors and Direct Sales Effort
- Pierre Koukjian and Cedric Koukjian, Designer Duo in Collaboration with Bulgari
- Pierre Koukjian et Cédric Koukjian, Duo de designers en collaboration avec Bulgari
- Former Duff & Phelps EMEA Leader Yann Magnan joins 73 Strings as Co-founder and CEO
- Concern for the oceans drives consumers to 'vote with their forks' for sustainable seafood
- Digi Communications N.V.: Exercise of stock option by Marius Catalin Vărzaru, a Non-Executive Director and VP of the Board of Directors of the Company
- SecurLine Certified to Protect Classified Communications
- Digi Communications N.V. announces that a stock option programme was approved for employees and managers of the Romanian Subsidiary of the Company
- Digi Communications NV announces the exercise of stock options by the Executive Directors of the Company
- Matvil Corp. продолжает бороться с противозаконными действиями юридической системы Молдовы
- Digi Communications NV announces the release of the Q1 2020 Financial Results
- Digi Communications NV announces that conditional stock options were granted to several Directors of the Company based on the general shareholders’ meeting approval from 30 April 2020
- MEDIS medical imaging systems acquires Advanced Medical Imaging Development S.r.l. (AMID) and secures further investment from Van Herk Ventures
- Digi Communications NV announces Investors Call on the Financial Results for Q1 2020
- Digi Communications N.V. announces the availability of the instructions on the 2019 share dividend payment
- Mono Solutions hires Chief Product Officer
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 27 – 30 Apr 2020
- Digi Communications N.V.: GSM resolutions from 30 Apr 2020 approving, amongst others, the 2019 Annual Accounts; availability of the adopted Annual Financial Report for the year ended Dec 31, 2019 for the Group
- RCH Embark on Lasting Partnership with Culinary Institute JRE
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 20 – 24 Apr 2020
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 13 – 17 Apr 2020
- COVID-19: Digi Communications N.V. recommendation regarding participation of shareholders to the AGM convened for 30 April 2020
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 6 – 10 Apr 2020
- DIGI COMMUNICATIONS N.V.: Exercise of stock option by a Non-Executive Director of the Company
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 30 Mar – 3 Apr 2020
- Chief Commercial Officer joins Mono Solutions
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 23 – 27 Mar 2020
- Digi Communications N.V. reports the admission to trading on the regulated market operated by the Irish Stock Exchange plc (trading as Euronext Dublin) of the senior secured notes issued by RCS & RDS S.A., its Romanian subsidiary
- Delft University of Technology Purchases its Second WebClip2Go Video Production System
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 16 – 20 Mar 2020
- Integrated Services Monitoring Capability Launched by Bridge Technologies
- Digi Communications N.V. announces Convocation of the Company’s general shareholders meeting for 30 April 2020 for the approval of, among others, the 2019 Annual Report and of the 2019 Financial Statements
- Digi Communications N.V. announces The Hungarian Competition Council’s decision to issue a new decision approving the Invitel transaction
- Digi Communications N.V. announces Business continuity in light of the novel coronavirus (“COVID-19”) outbreak
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 9 – 13 Mar 2020
- Reporting of legal documents concluded by DIGI Communications N.V. in February 2020 or in other period but effective in February 2020, in accordance with article 82 of Law no. 24/2017 and FSA Regulation no. 5/2018
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 2 – 6 Mar 2020
- « La levée du pilon sur la plate-forme » peut faire la différence entre le saint et l’ordinaire
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 24 – 28 Feb 2020
- EH GROUP ENGINEERING awarded EU Horizon 2020
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 17 – 21 Feb 2020
- Digi Communications NV announces the release of the Preliminary Financial Results for year ended 31 December 2019
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 10 – 14 Feb 2020
- Reporting of legal documents concluded by DIGI Communications N.V. in January 2020 or in other period but effective in January 2020, in accordance with article 82 of Law no. 24/2017 and FSA Regulation no. 5/2018
- Digi Communications NV announces Investor Call on the Preliminary Financial Results for the year ended 31 December 2019
- Consolidation Looms for Fast-Growing Customer Data Platform Industry: CDP Institute Report
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 3–7 Feb 2020
- Digi Communications N.V. hereby reports successful closing of the offering of senior secured notes by RCS & RDS S.A., its Romanian subsidiary
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 27 – 31 Jan 2020
- Digi Communications N.V.: Independent Limited Assurance Report issued by the external auditor on 30 Jan 2020 regarding the information included in the current reports under Law 24/2017 (Article 82) and FSA Regulation no. 5/2018
- Digi Communications N.V.: Rectification of the report published on 15 Jan 2020, regarding legal documents concluded by DIGI COMMUNICATIONS N.V. in other periods but effective in Dec 2019, in accordance with article 82 of Law no. 24/2017 and FSA Regulation no. 5/2018
- Digi Communications N.V. reports the upsize and successful pricing of the offering of senior secured notes by RCS & RDS S.A., its Romanian subsidiary
- RCH To Present New Smart ECR, Robust and Vintage POS Systems at EuroShop 2020
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 20 – 24 Jan 2020
- Digi Communications N.V.: (i) launch of an offering by RCS & RDS S.A. of senior secured notes; (ii) issuance of a notice of conditional full redemption of all outstanding €550.0m 5.0% senior secured notes due 2023 issued by the Company and (iii) restatement by the Company of its unaudited interim condensed consolidated financial statements for the 9-month period ended 30 Sep 2019
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 13 – 17 Jan 2020
- Reporting of legal documents concluded by DIGI Communications N.V. in December 2019 or in other period but effective in December 2019, in accordance with article 82 of Law no. 24/2017 and FSA Regulation no. 5/2018
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 6 – 10 Jan 2020
- Berlin-based SuitePad named Best Places to Work in Hotel Tech 2020 category at HotelTechReport.com’s HotelTechAwards
- Notification shares buy-back: DIGI COMMUNICATIONS N.V. reports to the regulated market the transactions which occurred under the DIGI symbol, 30 Dec 2019 – 3 Jan 2020
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