Adidas reported what it mentioned had been higher than anticipated preliminary fourth-quarter outcomes on Tuesday, with robust gross sales and profitability for the vital vacation purchasing interval, sealing a profitable turnaround 12 months.
The German sportswear model centered up to now 12 months on fueling a pattern for its retro multicolored, three-striped sneakers just like the Samba and Gazelle to reboot its model and increase gross sales, and has benefited from weaker efficiency at its larger rival Nike.
It mentioned income was up 19% 12 months on 12 months in currency-neutral phrases within the fourth quarter, whereas its gross margin elevated by 5.2 proportion factors to 49.8%.
Adidas reported gross sales of 5.956 billion euros ($6.2 billion), up from 4.812 billion a 12 months in the past.
For the total 12 months, income was up 12% in currency-neutral phrases, hitting 23.683 billion euros ($24.7 billion).
Profitability improved with the gross margin rising by 3.3 proportion factors to 50.8%.
The outcomes mark a big restoration for Adidas from an annual loss in 2023 for the primary time in additional than 30 years, bruised by chopping ties with disgraced rapper Ye, previously referred to as Kanye West, resulting in the abrupt ending of its profitable Yeezy shoe line.
Working revenue for 2024 elevated to 1.337 billion euros, from 268 million euros in 2023.
