Adidas 2002 Annual Report Download - page 79

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77
HIGHEST YEAR-END BACKLOG GROWTH SINCE 1997 /// At
the end of 2002, orders in Europe were up 10%. On a cur-
rency-neutral basis, this improvement was 12%. This is the
highest year-end backlog growth for the region since 1997.
Footwear is the main driver of this improvement, with back-
logs up 20% (+23% currency-neutral). Apparel orders grew
1% (+3% currency-neutral). The difference between euro and
currency-neutral figures reflects particularly strong growth
in the UK and other countries not included in the European
Union Euro Zone. Backlogs are growing at solid rates in all
major markets. As a result, adidas expects mid-single-digit
sales growth in Europe for 2003.
adidas IN EUROPE € in millions
2002 2001 Change
Net sales 2,694 2,600 4%
Gross margin 40.0% 38.0% 2.0pp
Operating profit 393 381 3%
DEVELOPMENT OF adidas ORDER BACKLOG IN EUROPE1)
14%
12%
10%
8%
6%
4%
2%
0%
–2%
–4%
Q1 2001 Q4 2002
Total in € 1) At end of quarter, change year-over-year
Total currency neutral