In the third quarter of 2012, adidas Group revenues grew 4% on a currency-neutral basis, driven by double-digit sales increases in Retail. Currency-neutral revenues in Western Europe increased 1%, supported by sustained momentum at adidas. In European Emerging Markets, currency-neutral sales grew 19% as a result of strong increases at both adidas and Reebok. Group sales in North America were down 5% on a currency-neutral basis, as double-digit increases at adidas and TaylorMade-adidas Golf were more than offset by strong revenue declines at Reebok.
In Greater China, Group sales were up 11% on a currency-neutral basis, driven by double-digit increases at adidas as well as growth at Reebok. Currency-neutral revenues in Other Asian Markets increased 1% as growth at adidas was partly offset by a strong sales decline at Reebok. In Latin America, currency-neutral sales grew 16%, driven by double-digit growth at adidas, TaylorMade-adidas Golf and Rockport. From a brand perspective, third quarter sales at adidas increased 10% currency-neutral. Sales in the TaylorMade-adidas Golf segment grew 4% on a currency-neutral basis.
Reebok sales declined 25% on a currency-neutral basis, largely as a result of the non-recurrence of prior-year licence sales as well as negative impacts from Reebok India Company. Currency translation effects had a positive impact on sales in euro terms. Group revenues grew 11% to € 4.173 billion in the third quarter of 2012 from € 3.744 billion in 2011.
The Group's gross margin increased 0.3 percentage points to 47.4% (2011: 47.1%) in the third quarter as product price increases, a more favourable product and regional sales mix as well as a larger share of higher-margin Retail sales more than offset the increase in input costs. Group gross profit increased 12% to € 1.978 billion (2011: € 1.762 billion). Other operating expenses as a percentage of sales grew 0.7 percentage points to 37.0% compared to 36.3% in the prior year, mainly as a result of an increase in the Group's marketing expenditure to support this year's major sporting events.
As a result of the higher gross margin and other operating income, which more than offset the increase in other operating expenses as a percentage of sales, the Group's operating margin grew 0.1pp to 11.8%. Operating profit increased 12% to € 494 million compared to € 441 million in 2011. The Group's net income attributable to shareholders grew 14% to € 344 million (2011: € 303 million). Diluted earnings per share for the third quarter increased 14% to € 1.64 (2011: € 1.45).
Source:
http://www.fibre2fashion.com/news/apparel-news/newsdetails.aspx?news_id=117943
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