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German sportswear brand Adidas AG (OTC:ADDYY) has released its preliminary results for the fourth quarter of 2024.
The company’s revenue increased by 19% in currency-neutral terms, with a 24% rise in euro terms, totaling 5.97 billion euros (~$6.24 billion). Excluding Yeezy sales from both years, currency-neutral growth was 18%.
Additionally, the company saw a notable improvement in its gross margin, which grew by 520 basis points to 49.8%, up from 44.6% in 2023.
Fourth-quarter operating profit reached 57 million euros, reversing the 377 million euros loss recorded in the same quarter last year.
Adidas also posted strong growth for the full year 2024. Its revenue climbed 12% on a currency-neutral basis, reaching 23.68 billion euros. When excluding Yeezy sales, the company saw a 13% increase in currency-neutral revenues.
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The gross margin for the year improved by 330 basis points, reaching 50.8%. Operating profit surged by over 1 billion euros, rising from 268 million euros in 2023 to 1.34 billion euros in 2024.
“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,” said CEO Bjørn Gulden.
“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.”
Price Action: ADDYY shares closed higher by 6.59% at $132.22 on Tuesday.
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Posted In: ADDYY
