By Mauro Orru
Adidas exceeded its operating profit target last year after sales surged in the key Christmas quarter.
The German sporting-goods company said Tuesday that its operating profit climbed to 1.34 billion euros ($1.40 billion) last year from 268 million euros in 2023. Adidas had expected an operating profit of around 1.2 billion euros in 2024.
The increase came after Adidas logged an operating profit of 57 million euros in the fourth quarter, compared with an operating loss of 377 million euros in the fourth quarter of 2023.
The company said its figures were preliminary as the group is scheduled to report its final set of 2024 figures and issue guidance for 2025 on March 5.
Adidas said its gross margin expanded to 50.8% last year from 47.5% in 2023. In the fourth quarter alone, the margin increased to 49.8% from 44.6%.
Meanwhile, sales last year grew 12% on a currency-neutral basis to 23.68 billion euros. Adidas had expected sales growth of around 10% on a currency-neutral basis in 2024.
The company said sales in the key Christmas quarter jumped 19% on a currency-neutral basis to nearly 5.97 billion euros. However, Adidas didn't provide context for what it said were better-than-expected fourth-quarter results.
Write to Mauro Orru at mauro.orru@wsj.com
(END) Dow Jones Newswires
January 21, 2025 12:47 ET (17:47 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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