Sportswear giant Adidas has reported booming sales and profits during its fourth quarter and for the 2024 full year thanks to ongoing “strong momentum” across the product portfolio.
During its fourth quarter the German sportswear retailer recorded operating profit of €57m (£48.2m), a jump from an operating loss of €377m (£318.7m) last year.
Adidas reported a 24% increase in revenue to reach €5.97bn (£5.17bn), up from €4.81bn (£4.06bn) during the same period last year.
The sportswear retailer also updated on its full-year performance for 2024 and said that revenues rose 11% year on year to reach €23.7m (£20m), with sales excluding Yeezy also up 13%.
Full-year operating profit also hit €1.34bn (£1.1bn), up by more than €1bn (£850m) from €268m (£226.5m) last year.
Adidas credited the ongoing momentum of both its lifestyle and performance footwear to the boom of products including the Sambas, Spezials and Gazelles, among others.
The retailer also pleged its confidence in future growth and said that despite “macroeconomic uncertainty” it sees potential to boost market share in “all markets”.
Adidas chief executive Bjørn Gulden said: “I am very pleased 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.”
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