adidas AG

Latest Results (07.08.2024):

Revenue Growth

In the second quarter of 2024, adidas AG reported an 11% increase in currency-neutral revenues compared to the prior year. This double-digit growth reflects the strong momentum of the underlying adidas business, which grew 16%. In euro terms, revenues grew 9% to €5.822 billion, despite unfavorable currency developments.

Footwear Sales

Footwear revenues for adidas AG increased by 17% on a currency-neutral basis during Q2 2024. The strong product offering in categories like Originals and Football contributed significantly to this growth. Additionally, increases in Running, Training, Performance Basketball, and Sportswear also bolstered the top-line increase in footwear sales.

Operating Profit

adidas AG's operating profit nearly doubled in the second quarter of 2024, reaching €346 million compared to €176 million in the same period last year. This reflects an operating margin of 5.9%, up from 3.3% in the prior year. The sale of parts of the remaining Yeezy inventory contributed around €50 million to the operating profit.

Net Income

Net income from continuing operations for adidas AG increased to €211 million in Q2 2024, up from €96 million in the prior-year period. Basic earnings per share (EPS) from continuing operations also saw a significant rise, reaching €1.09 compared to €0.48 in the same quarter last year.

Gross Margin

adidas AG's gross margin for the second quarter of 2024 improved by around 1.5 percentage points to 50.5%, excluding the impact of the significantly smaller Yeezy business. This improvement was driven by better sell-throughs, lower freight and product costs, reduced discounting, and a more favorable product mix, despite negative currency effects.