Adidas’ revenue, profit, and earnings per share all saw significant growth across 2024, surpassing the company’s forecasts.
Currency-neutral revenue surged by 12% to reach €26.68 billion (A$45.438 billion), above its October projection of 10%. Revenue in the fourth quarter rose by 19% at neutral currency rates, reaching €5.97 billion.
“Although we are not yet where we want to be long term, it was a very successful year that confirmed the strength of the adidas brand, the potential of our company and what a fantastic job our teams are doing. We still have a lot to improve but I am very proud of what our people achieved in 2024,” said Adidas CEO Bjørn Gulden.
“Going from single-digit growth at the beginning of the year to 19% currency-neutral growth in a fourth quarter, that in general was difficult for the trade, underlines the strong momentum we currently see for our brand and our products.”
Gross profit was €12.03 billion across 2024, up 18% year-over-year. Operating profits were €1.34 billion, with fourth-quarter operating profit rising to €344 million after a loss of €377 million last year.
Both basic and diluted earnings per share were €4.24 last year, compared with a loss per share of €0.67 in 2023.
Net sales in 2024 increased in all regions except North America, which saw a 2% year-over-year drop. The company said this was partly because it had the sold the last of its Yeezy inventory, which contributed €650 million to sales worldwide last year.
Latin America and Europe saw the highest growth, at 21% and 20% respectively.
Despite the discontinuation of its Yeezy sneakers, footwear sales reported the largest sales growth of any product category, at 16% across 2024.
The company’s 2025 outlook projects currency-neutral revenues will see growth in the high single digits, with operating profit rising to €1.7-1.8 billion.
Adidas’ (ETR: ADS) share price closed at €238.00, up from its previous close at €231.20. Its market capitalisation is €42.87 billion.
