Adidas Returns to 4Q Sales Growth, Aided by E-Commerce; Sees 2021 Recovery -- Earnings Review
March 10 2021 - 04:32AM
Dow Jones News
By Joshua Kirby
Adidas AG reported fourth-quarter and full-year results
Wednesday. Here are the key points
REVENUE: The German sporting-goods company booked a
fourth-quarter revenue increase at constant currencies to 5.55
billion euros ($6.60 billion), slightly ahead of analyst
expectations. For the full year, sales came to EUR19.85 billion,
down 14% on the year.
AFTER-TAX INCOME: After-tax income from continuing operations
for 2020 stood at EUR429 million, sharply down from EUR1.92 billion
in 2019.
WHAT WE WATCHED:
-FORWARD GUIDANCE: For 2021, Adidas said it expects sales to
recover well in all geographical areas, led by 20%-30% growth in
Greater China, Latin America and Asia-Pacific. Greater China will
be accounted as a separate segment as of this year, the company
said. It also guided for growth in margins and in after-tax income.
Further targets should be set out at as part of Adidas's five-year
plan due at a capital markets event later Wednesday.
-E-COMMERCE: Online sales grew by more than half in 2020, coming
to a total of more than EUR4 billion. This helped mitigate
pandemic-related store closures in many markets.
Write to Joshua Kirby at joshua.kirby@dowjones.com;
@joshualeokirby
(END) Dow Jones Newswires
March 10, 2021 04:17 ET (09:17 GMT)
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