Adidas AG (OTCQX:ADDYY) reported a strong financial performance in 2024, with operating profit boosted by €200 million from the final sale of Yeezy inventory.
While this was lower than the €300 million contribution in 2023, the company saw overall revenue rise 11% to €23.6bn.
The operating margin improved to 5.6%, up 4.4 percentage points from the previous year. Operating profit increased by more than €1 billion to €1.34bn.
Footwear led sales growth with a 17% increase, driven by strong demand for Originals, football, and training ranges.
Clothing revenue grew 6%. Wholesale revenues rose 14% on a currency-neutral basis, while direct-to-consumer sales were up 11%, including a 6% rise in e-commerce.
CEO Bjørn Gulden said results exceeded expectations, reflecting Adidas’ brand strength and market relevance. He expressed confidence in further market share growth in 2025, supported by a strong product pipeline and marketing plans.