- Group sales stable on a currency-neutral basis
- Gross margin grows 2.1 percentage points to 49.8%
- Operating margin improves 0.4pp to 10.5%
- Strong momentum in Latin America and Greater China offsets declines in Western Europe and North America
- Reebok continues to grow with revenues increasing 5% in Q3
- Net borrowings decline 47% to € 180 million
- Management confirms full year guidance
ADIDAS GROUP CURRENCY-NEUTRAL SALES REMAIN STABLE IN THE THIRD QUARTER OF 2013
Herzogenaurach, Germany, 14-11-2013 — /EuropaWire/ — During the third quarter of 2013, adidas Group sales were stable on a currency-neutral basis. From a regional perspective, currency-neutral revenues in Western Europe decreased 6%. This was mainly due to high prior year comparisons related to the sell-in of event-related products for the London 2012 Olympic Games as well as the ongoing macroeconomic challenges in the region. In European Emerging Markets, currency-neutral sales increased 2% with growth in most of the region’s markets. Group sales in North America were down 5% on a currency-neutral basis. This development was mainly due to sales declines at TaylorMade-adidas Golf owing to a more challenging golf market as a consequence of the late seasonal start and lower rounds played. In Greater China, Group sales were up 9% on a currency-neutral basis, due to continued momentum across all channels. Currency-neutral revenues in Other Asian Markets increased 4%, driven by sales increases in most of the region’s major markets. In Latin America, currency-neutral sales grew 12%, with strong growth in all key markets.
From a brand perspective, third quarter sales at adidas remained stable on a currency-neutral basis. Currency-neutral sales at Reebok grew 5%. Revenues in the TaylorMade-adidas Golf segment declined 16% on a currency-neutral basis. Reebok-CCM Hockey sales grew 4% currency-neutral, while revenues at Rockport decreased 4% on a currency-neutral basis. Currency translation effects had a negative impact on sales in euro terms. Group revenues declined 7% to € 3.879 billion in the third quarter of 2013 from € 4.173 billion in 2012.
THIRD QUARTER GROSS MARGIN INCREASES 1.9 PERCENTAGE POINTS
The Group’s gross margin increased 1.9 percentage points to 49.3% (2012: 47.4%) in the third quarter. A more favourable pricing, product and regional sales mix as well as a larger share of higher-margin Retail sales more than offset the negative effect of a less favourable hedging rate. Group gross profit declined 3% to € 1.913 billion (2012: € 1.978 billion). Other operating expenses as a percentage of sales increased 2.6 percentage points to 39.6% compared to 37.0% in the prior year, mainly related to the further expansion of the Group’s own-retail network. The Group’s operating margin increased to 11.9% from 11.8% in 2012, as a result of the gross margin increase. Operating profit declined 6% to € 463 million compared to € 494 million in 2012. The Group’s net income attributable to shareholders declined 8% to € 316 million (2012: € 344 million). Basic and diluted earnings per share for the third quarter decreased 8% to € 1.51 (2012: € 1.64).
“Our third quarter performance was negatively impacted by severe currency headwinds, unexpected short-term distribution constraints in Russia/CIS as well as our actions to rebalance our inventories in the global golf market. Despite these challenges, we delivered stable earnings per share in the first nine months. Our industry-leading innovations and strong partnership activations clearly enhance our position as the premium multi-sports company in the industry, which in turn is driving new record gross margins for the Group.” HERBERT HAINER, CEO OF THE ADIDAS GROUP
ADIDAS GROUP CURRENCY-NEUTRAL SALES REMAIN STABLE IN THE FIRST NINE MONTHS OF 2013
In the first nine months of 2013, Group revenues remained stable on a currency-neutral basis due to growth in Retail, offsetting sales declines in Wholesale and Other Businesses. Currency translation effects had a negative impact on sales in euro terms. Group revenues decreased 4% to € 11.013 billion in the first nine months of 2013 from € 11.514 billion in 2012.
NINE MONTHS GROUP SALES SUPPORTED BY GROWTH IN RETAIL
In the first nine months of 2013, currency-neutral Wholesale revenues decreased 2%, due to sales declines at both adidas and Reebok. Currency-neutral Retail sales increased 6% versus the prior year as a result of sales growth at both adidas and Reebok. Revenues in Other Businessesdecreased 1% on a currency-neutral basis, mainly due to a sales decline at TaylorMade-adidas Golf. Currency translation effects had a negative impact on segmental sales in euro terms.
Nine months 2013 |
Nine months 2012 |
Change y-o-y in euro terms | Change y-o-y currency-neutral | |
€ in millions | € in millions | in % | in % | |
Wholesale | 7,048 | 7,470 | (6) | (2) |
Retail | 2,512 | 2,491 | 1 | 6 |
Other Businesses | 1,453 | 1,553 | (6) | (1) |
Total1) | 11,013 | 11,514 | (4) | 0 |
Nine months net sales development by segment
1) Rounding differences may arise in totals.
CURRENCY-NEUTRAL GROUP SALES INCREASE IN MOST REGIONS
In the first nine months of 2013, currency-neutral adidas Group sales grew in all regions except Western Europe and North America. Revenues inWestern Europe decreased 8% on a currency-neutral basis, mainly due to sales declines in the UK, Italy and Spain. In European Emerging Markets, Group sales increased 1% on a currency-neutral basis as a result of sales growth in most markets. Sales for the adidas Group in North Americawere down 1% on a currency-neutral basis as a result of declines in the USA. Sales in Greater China increased 7% on a currency-neutral basis. Currency-neutral revenues in Other Asian Markets grew 2%, driven by sales increases in India, South Korea and Australia. In Latin America, sales grew 15% on a currency-neutral basis, with double-digit increases in most of the region’s major markets. Currency translation effects had a negative impact on regional sales in euro terms.
Nine months 2013 | Nine months 2012 |
Change y-o-y in euro terms | Change y-o-y currency-neutral | |
€ in millions | € in millions | in % | in % | |
Western Europe | 3,053 | 3,342 | (9) | (8) |
European Emerging Markets | 1,432 | 1,486 | (4) | 1 |
North America | 2,534 | 2,641 | (4) | (1) |
Greater China | 1,244 | 1,169 | 6 | 7 |
Other Asian Markets | 1,566 | 1,741 | (10) | 2 |
Latin America | 1,184 | 1,135 | 4 | 15 |
Total1) | 11,013 | 11,514 | (4) | 0 |
Nine months sales development by region
1) Rounding differences may arise in totals.
GROUP GROSS MARGIN INCREASES 2.1 PERCENTAGE POINTS
The gross margin of the adidas Group increased 2.1 percentage points to 49.8% in the first nine months of 2013 (2012: 47.8%). This development was due to a more favourable pricing, product and regional sales mix as well as a larger share of higher-margin Retail sales, which more than offset the negative effect from a less favourable hedging rate. Gross profit for the adidas Group remained stable at € 5.488 billion in the first nine months of 2013 (2012: € 5.500 billion).
OPERATING MARGIN IMPROVES 0.4 PERCENTAGE POINTS
Group operating profit remained stable at € 1.157 billion in the first nine months of 2013 (2012: € 1.159 billion). As a result, the operating margin of the adidas Group improved 0.4 percentage points to 10.5% (2012: 10.1%). This was primarily due to the positive effects from the increase in gross margin, which more than offset higher other operating expenses as a percentage of sales. Other operating expenses as a percentage of sales rose 1.9 percentage points to 41.0% in the first nine months of 2013 from 39.1% in 2012. In euro terms, other operating expenses remained stable at € 4.515 billion (2012: € 4.500 billion), as the decrease in marketing expenses was offset by higher expenditure related to the expansion of the Group’s own-retail activities. Thereof, sales and marketing working budget expenditures amounted to € 1.336 billion, which represents a decrease of 1% versus the prior year level (2012: € 1.346 billion).
FINANCIAL INCOME DOWN 49%
Financial income decreased 49% to € 15 million in the first nine months of 2013 from € 29 million in the prior year, mainly due to a decrease in interest income.
FINANCIAL EXPENSES DECREASE 21%
Financial expenses declined 21% to € 67 million in the first nine months of 2013 (2012: € 84 million). The decrease in interest expenses was the main contributor to the decline.
INCOME BEFORE TAXES AS A PERCENTAGE OF SALES INCREASES 0.5 PERCENTAGE POINTS
Income before taxes (IBT) for the adidas Group remained stable at € 1.105 billion (2012: € 1.104 billion). IBT as a percentage of sales improved 0.5 percentage points to 10.0% in the first nine months of 2013 from 9.6% in 2012. This was a result of the Group’s operating margin increase and lower net financial expenses.
NET INCOME ATTRIBUTABLE TO SHAREHOLDERS REMAINS VIRTUALLY UNCHANGED
The Group’s net income attributable to shareholders remained virtually unchanged at € 796 million in the first nine months of 2013 (2012: € 798 million). The Group’s tax rate decreased 0.1 percentage points to 27.7% in the first nine months of 2013 (2012: 27.8%).
BASIC AND DILUTED EARNINGS PER SHARE STABLE AT € 3.81
In the first nine months of 2013, basic and diluted earnings per share remained stable at € 3.81 (2012: € 3.82). The weighted average number of shares used in the calculation of both basic and diluted earnings per share was 209,216,186 (2012 average: 209,216,186) as there were no potential dilutive shares in the first nine months.
GROUP INVENTORIES INCREASE 6%
Group inventories increased 6% to € 2.513 billion at the end of September 2013 versus € 2.367 billion in 2012. On a currency-neutral basis, inventories were up 12%, as a result of the Group’s expectations for growth in the coming quarters and distribution centre issues in Russia/CIS during the third quarter.
ACCOUNTS RECEIVABLE INCREASE 2% CURRENCY-NEUTRAL
At the end of September 2013, Group receivables decreased 4% to € 2.156 billion (2012: € 2.257 billion). On a currency-neutral basis, receivables were up 2%.
NET BORROWINGS DECREASE € 157 MILLION
Net borrowings at September 30, 2013 amounted to € 180 million, which represents a decrease of € 157 million, or 47%, versus € 337 million at the end of September 2012. The decrease was driven by the strong operating cash flow development over the past 12 months. Currency translation effects had a positive impact of € 3 million.
ADIDAS GROUP CONFIRMS GUIDANCE FOR FULL YEAR 2013
Following its announcement in September, Management confirms that top-line momentum is set to clearly improve in the fourth quarter. As a result, 2013 Group sales are expected to grow at a low-single-digit rate on a currency-neutral basis.
In 2013, the adidas Group gross margin is forecasted to increase to a level between 48.5% and 49.0%, representing a strong improvement compared to the prior year level of 47.7%. The Group’s gross margin will benefit from positive regional and channel mix effects, as growth rates in high-margin emerging markets and Retail are projected to be above growth rates in more mature markets and Wholesale. In addition, improvements in the Retail segment as well as at the Reebok brand will positively influence Group gross margin development. However, these positive effects will be partly offset by less favourable hedging rates compared to the prior year as well as increasing labour costs, which negatively impact the Group’s cost of sales.
In 2013, the Group’s other operating expenses as a percentage of sales are expected to increase compared to the prior year level of 41.3%. Sales and marketing working budget expenses as a percentage of sales are projected to be above the prior year level. The non-recurrence of expenses in relation to the UEFA EURO 2012™ as well as the London 2012 Olympic Games will be more than offset by marketing expenditure to support new product launches at all brands, as well as the expansion of Reebok’s activities in the fitness category. Operating overhead expenditure as a percentage of sales is forecasted to grow in 2013. Higher administrative and personnel expenses in the Retail segment due to the continued expansion of the Group’s store base will more than offset the leverage in the Group’s non-allocated central costs.
In 2013, the Group expects the operating margin for the adidas Group to increase to a level of around 8.5% (2012 excluding goodwill impairment losses: 8.0%). As a result, earnings per share are expected to increase at a rate of 4% to 7% to a level between € 3.92 and € 4.06 compared to the 2012 basic and diluted earnings per share of € 3.78 excluding goodwill impairment losses. This represents net income attributable to shareholders of € 820 million to € 850 million.
“We have dealt swiftly and decisively with our challenges in the third quarter, to ensure we return to growth. With strong demand for our highlight concepts and innovations, upcoming initiatives around the 2014 FIFA World Cup™ and positive customer feedback to our spring/summer 2014 collections from all of our brands, momentum will clearly return to our business in the fourth quarter and beyond.” HERBERT HAINER, CEO OF THE ADIDAS GROUP
CORPORATE COMMUNICATION CONTACT
ADIDAS AG
World of Sports
Adi-Dassler-Straße 1
91074 Herzogenaurach
Germany
+49 9132 84 2352
+49 9132 84 2138
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- StatusMatch.com and Emirates partner up to help Italian frequent flyers get back in the air
- MinDCet drivers and FTEX powertrain solutions enable EV GaN applications
- Digi Communications NV announces the release of the Q3 2021 Financial Results
- Origami and citoQualis Team up for Startups
- Digi Communications NV announces Investors Call for the Q3 Financial Results presentation
- Digi Communications N.V. announces the extraordinary general meeting’s resolution from 4 November 2021, approving the appointment of KPMG N.V. as the Company’s statutory auditor for the 2021 financial year
- Digi Communications N.V. announces The solution reached by the Bucharest Court of Appeal regarding the investigation conducted by the Romanian National Anticorruption Directorate with respect to RCS & RDS S.A., Integrasoft S.R.L. and certain of their directors
- Digi Communications N.V. Announces the results of the auction organised by the Portuguese Authority for Telecommunications
- Haizol expands its capabilities to include component assembly and product development
- EIC, the World’s Largest Multinational Innovation Program, to Invest €13.4M in Wi-Charge, a Game Changing Wireless Power Company
- European Weightlifting Federation on its way for Electoral Congress
- “Without women, We are unable to solve the world’s greatest challenges” — She Loves Tech 12 Hot Finalists ready to get their chance at the Local Pitch in South Europe!
- Significant improvement in increasing Time In Range and reducing hypoglycemia among people equipped with Diabeloop DBLG1
- Digi Communications N.V. Announces the Convocation of the Company’s Extraordinary General Meeting of Shareholders on 4 November 2021 in order to appoint KPMG N.V. as the Company’s new statutory auditor for the financial year 2021
- Unit of Measure enters partnership with Stibo Systems
- Haizol, metal manufacturing giant, launch a brand new website which is both user friendly and interactive
- Groundbreaking Immersive Experience from Samsung and Artist Michael Murphy Reveals a New Perspective for Visual Entertainment Through the Stunningly Slim Neo QLED TV
- Collaboration between Airbus and Neural Concept
- Archpriest Nikolay Balashov on Patriarch Bartholomew’s speeches in Kiev
- ABB's Peter Voser joins Xynteo's Europe Delivers partnership as it new Chairman
- Digi Communications NV announces that a new stock option programme was approved
- Leverage the benefits of digital manufacturing with Haizol
- Digi Communications NV announces the release of the H1 2021 Financial Results
- Digi Communications NV announces Investors Call on the Financial Results for H1 2021
- Rockegitarist-Sensasjon Rocky Kramer Har Fått Hovedrollen I Mutt Productions Filmen Rockin’ In Time
- Dispatch.d Offers Unique US Market Entry Services for European Impact Brands
- CSA Research’s New Localization Intelligence Analyzer, powered by LocHub, Helps Organizations Improve their Website’s Effectiveness for Global Customers
- Customer Data Platform Industry Accelerated During Pandemic: CDP Institute Report
- Digi Communications N.V. announces that two of its subsidiaries entered into two facility agreements
- Introducing Cap Expand Partners, Helping Business Leaders Break International Barriers
- Hong Kong’s Innovation and Technology Venture Fund Becomes Strategic Financial Investor of Ignatica
- Cure for prostate cancer on the horizon
- Fanpictor signs multi-year partnership with Royal Belgian Football Association
- Fanpictor unterzeichnet mehrjährige Partnerschaft mit dem Königlich Belgischen Fussballverband
- Fanpictor signe un partenariat pluriannuel avec la Royal Belgian Football Association
- Fanpictor firma una colaboración de varios años con la Real Federación Belga de Fútbol
- Fanpictor firma una partnership pluriennale con la Royal Belgian Football Association
- Fanpictor tekent meerjarige partnership met Koninklijke Belgische Voetbalbond
- Launch of the New Akenza Platform
- De zelflerende algoritme DBLG1®: eenvoudig te gebruiken voor een optimale en gepersonaliseerde behandeling van diabetes type 1
- Launch of the Anna Lindh Foundation Virtual Marathon for Dialogue!
- Digi Communications N.V. announces the exercise of stock options by the Executive Director of the Company pursuant to the decision of the Company’s general meeting of shareholders dated 30 April 2020 and in accordance with the stock option plan approved at the level of the Company in 2017
- New research unlocks long tail growth opportunity for the tech industry
- Digi Communications NV announces the availability of the instructions on the 2020 share dividend payment
- Digi Communications NV announces that conditional stock options were granted to several Directors of the Company based on the approval of the general meeting of shareholders from 18 May 2021
- Digi Communications N.V. Announces the Company’s General Shareholders Meeting resolutions adopted on 18 May 2021 approving, amongst others, the 2020 Annual Accounts
- Digi Communications N.V. (“Digi”) announces the Q1 2021 Financial results
- Digi Communications NV announces Investors Call for the Q1 2021 Financial Results
- Digi Communications N.V. announces an Amendment to the 2021 Financial Calendar
- Fastpayhotels Hits an Industry Milestone by Connecting 500 Hotels Per Day Through DerbySoft Technology
- 4 ways to build a more flexible supply chain
- Join the world's leading virtual CBD event for FREE
- DEEPENING STRATEGIC RELATIONSHIP BETWEEN UBC AND PIONEERING DECENTRALISED PLATFORM, MANYONE
- Mono Solutions recognizes Norwegian small business agency with best website 2021 award
- Mono Solutions and Xrysos Odigos unlock new opportunities for small businesses
- Behind the scenes of a 10,000-people online conference: creating a live-event atmosphere and leveraging cybersecurity software
- Largest Supply Chain for Face masks, FFP2, FFP3 and cloth masks
- TRANSMAR AND TRANSMETRICS SIGN DEAL FOR STATE-OF-THE-ART LOGISTICS COLLABORATION
- Amendment of Digi Communications N.V. Financial Calendar for 2021
- 4iG and Digi Communications NV’s Romanian subsidiary have entered into a term sheet with regards to a potential acquisition by 4iG of DIGI Group’s Hungarian operations
- “Building Healthy Relationships and Enhancing Gender Equality”: Young women from Cyprus, Egypt, Lebanon and Jordan come together
- Bring Ventures investit dans Crossborderit (CBIT), DDP et une solution de commerce électronique
- Bring Ventures investiert in Crossborderit (CBIT), eine DDP (geliefert verzollt) und E-Commerce Lösung
- Bring Ventures invests in Crossborderit (CBIT), DDP and ecommerce solution
- Lionspeed GP with Patrick Kolb and Lorenzo Rocco joins forces with CarCollection Motorsport in 2021
- Eurekos, ein klassenbester LMS-Anbieter, hat seine Position im renommierten Fosway 9-Grid™ für Lernsysteme verbessert
- Eurekos, en førsteklasses LMS-udbyder, har forstærket sin position på den prestigefyldte Fosway 9-Grid™ for læringssystemer
- Eurekos, ein erstklassiger LMS-Anbieter, hat seine Position auf dem renommierten Fosway 9-Grid™ für Lernsysteme weiter ausgebaut
- Digi Communications N.V. announces Share transaction made by an executive director of the Company with class B shares
- Digi Communications N.V.: Announces an Amendment to the Financial Calendar for 2021
- Ideanomics Invests $13M in Italian EV Motorcycle Company, Energica
- DigiSky and Asman Technology Announce Global Reseller Agreement
- Neowintech - O Marketplace Da Sua Próxima Solução Financeira
- Neowintech - Il Marketplace per la tua prossima soluzione finanziaria
- PIONEERING DECENTRALISED SECURE MESSAGING PLATFORM MANYONE ANNOUNCES STRATEGIC RELATIONSHIP WITH UNIVERSITY COLLEGE LONDON CENTRE BLOCKCHAIN TECHNOLOGY
- Digi Communications NV announces the release of the 2020 Preliminary Financial Results
- Fraunhofer IGD develops automated robotic arm to scan cultural objects in 3D, now cooperating with Phase One
- Adapt Fast or Disappear – Choosing the Right Supplier
- Digi Communications NV announces Investors Call for the 2020 Preliminary Financial Results
- A URSAPHARM Arzneimittel e a CEBINA anunciam uma parceria com vista a reaproveitar o anti-histamínico azelastina para combater a COVID-19
- URSAPHARM Arzneimittel et CEBINA annoncent un partenariat pour reconvertir l'antihistaminique azélastine afin de lutter contre la COVID-19
- URSAPHARM Arzneimittel y CEBINA anuncian una colaboración para readaptar el antihistamínico azelastine para combatir la COVID-19
- URSAPHARM Arzneimittel and CEBINA announce partnership to repurpose the antihistamine azelastine to combat COVID-19
- ANIL UZUN Will Launch Bass Guitar Lessons Series on Youtube
- Henrik Stampe Appointed CEO for Mono Solutions
- Anna Mossberg leder Nordens största privata AI-lab i Sverige: "Utan AI riskerar svenska företag att förlora sin konkurrensfördel."
- What COVID-19 has taught us about manufacturing & the importance of a digital online marketplace
- Digi Communications N.V. announces: the Supreme Court of Hungary dismissed the Company’s appeal related to the 5G Tender procedure
- Customer Data Platform Industry to Reach $1.5 Billion in 2021: CDP Institute Report
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GreenMantra Technologies Announces Exclusive Distribution Relationship with HARKE GROUP