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Adidas closes 2024 with skyrocketing sales

Tom Bottomley
22 January 2025

Adidas has reported "better-than-expected" sales results for the fourth quarter of 2024, with revenues growing 24% year-on-year to €5.97 billion (£5 billion).

Excluding Yeezy sales in both years, currency-neutral revenues increased by 18% during the quarter. The company’s gross margin was up by 5.2% to 49.8%. Operating profit reached €57 million (£48 million), versus an operating loss of €377 million (£318 million) is in Q4 2023.

Based on preliminary unaudited numbers for the full year of 2024, the company’s currency-neutral revenues were up by 12%. In euro terms, revenues increased 11% versus the prior year and reached €23.68 billion (£20 billion) in 2024, up from €21.42 billion (£18.1 billion) the year prior.

Excluding Yeezy sales in both years, currency-neutral revenues increased 13%. The company’s gross margin improved by 3.3 % to 50.8%, while full-year operating profit skyrocketed from €268 million (£232 million)  the previous year to €1.33 billion (£1.12 billion).

Adidas CEO, Bjørn Gulden, said: "I am very pleased with 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.

"We grew double-digit in 2024 (+12% currency-neutral) and improved our operating profit for the year by more than €1 billion to €1.337 billion. So, although we are not yet where we want to be long term, I am very happy with this development which was much better than we had expected. We still have a lot to improve but I am very proud of what our teams and people have achieved in 2024.

"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."

Adidas will publish its audited set of financial results for 2024 and issue financial guidance for 2025 on 5 March 2025.


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