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UK sales grow adidas results in Europe
Double-digit sales growth in UK helps adidas Group revenue grow in Western Europe; ‘adidas Group expects to outperform global economic growth in 2011’
Adidas said double-digit sales growth in the UK helped revenue in Western Europe increase by seven per cent in 2010.
Reporting its 2010 full-year results, alongside those of Q4 2010, adidas said it saw strong revenue growth during 2010 across all but one area it is active in, with the Greater China market recording a two per cent decline.
In Western Europe, revenue totalled €3.5bn, with the UK, Germany and Spain strong markets.
For the Group, wholesale revenue was up eight per cent, while retail sales increased 18 per cent. Overall, the adidas Group recorded a nine per cent increase in sales year-on-year.
By brand, adidas and Reebok saw sales increase by nine per cent and 12 per cent respectively for the full-year, reaching €8.7bn and €1.9bn. Rockport sales grew two per cent to €200m, while TaylorMade-adidas Golf and Reebok-CCM Hockey also recorded growth.
All results are given on a currency-neutral basis.
For the current fiscal year, adidas Group said sales are expected to increase at a mid- to high-single-digit rate on a currency-neutral basis. “The positive sales development will be driven by rising consumer confidence as the global economy continues to improve,” the company said.
Its financial statement added: “The positive impacts of the Group’s high exposure to fast-growing emerging markets, the further expansion of retail as well as continued momentum at the Reebok brand will more than offset the non-recurrence of sales related to the 2010 FIFA World Cup. As a result, the adidas Group expects to outperform global economic growth in 2011.”
Adidas Group chief executive officer Herbert Hainer (pictured) said: "2011 is shaping up to be another great year for the adidas Group, and we are off to a fast start.
“We have every possible advantage a company could wish for - strong brands, premium products, superior marketing, tremendous global reach and a very healthy balance sheet. I am confident this year will see us achieve important milestones as we embark on Route 2015."
