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adidas Group achieves sales and earnings targets in 2014

Sales up 6% on a currency-neutral basis excluding Rockport divestiture +++ Strong top-line momentum at adidas (+11%) and Reebok (+5%) +++ Underlying net income reaches target of around € 650 million

Herzogenaurach, Germany – Based on preliminary unaudited figures for 2014, the adidas Group reached its updated top- and bottom-line financial targets on an underlying basis. Excluding the impact from the divestiture of the Rockport business, currency-neutral Group sales increased by 6% in 2014. In euro terms, sales were up 2% to € 14.8 billion (2013: € 14.5 billion). Net income attributable to shareholders reached the earnings target of around € 650 million, excluding goodwill impairment losses and the impact of the Rockport divestiture. All sales channels contributed to this positive top-line development, with strong double-digit growth in Retail. From a brand perspective, adidas sales grew 11% currency-neutral for the full year. Reebok recorded its seventh consecutive quarter of growth in the fourth quarter and ended the year with a currency-neutral sales increase of 5%.

Our strong sales momentum for adidas and Reebok continued through the fourth quarter, with the Group recording double-digit growth in Western Europe, Greater China, European Emerging Markets and Latin America. Despite continuing pressure as a result of further currency weakness in Russia/CIS, we achieved our 2014 earnings target. Now we are looking forward to 2015 where we will continue to invest in our growth opportunities and present our long-term vision for the successful future of the adidas Group.

adidas Group CEO Herbert Hainer

The adidas Group net income for 2014 will be impacted by two non-operational items. Goodwill impairment losses related to the Group’s Russia/CIS cash-generating unit largely as a result of the significant deterioration of the Russian rouble amount to around € 80 million. In addition, the successful conclusion of negotiations to divest the Rockport business, which was announced in a separate release today, will have a negative non-operational P&L impact in a double-digit million Euro amount. 

Final full-year results will be released on March 5, 2015.

 

About the adidas Group

The adidas Group is a global leader in the sporting goods industry, offering a broad portfolio of footwear, apparel and hardware for sport and lifestyle around the core brands adidas, Reebok, TaylorMade and Reebok-CCM Hockey. Headquartered in Herzogenaurach/Germany, the Group employs more than 50,000 people across the globe and generated sales of € 14.5 billion in 2013.