Reebok 2010 Annual Report Download - page 156
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152 Group Management Report – Financial Review Business Performance by Segment Wholesale Business Performance
Wholesale gross margin by quarter
in %
Wholesale segmental operating profit by quarter
€ in millions
06
07
Q1 2009
Q1 2010
Q2 2009
Q2 2010
Q3 2009
Q3 2010
Q4 2009
Q4 2010
Q1 2009
Q1 2010
Q2 2009
Q2 2010
Q3 2009
Q3 2010
Q4 2009
Q4 2010
42.6
43.1
39.6
41.0
42.2
41.9
41.6
39.1
614
626
490 607
703 813
534
525
Segmental operating expenses as
a percentage of sales up 1.0 percentage
points
Segmental operating expenses in
Wholesale primarily relate to sales
working budget expenses as well
as expenditures for sales force,
administration and logistics. In euro
terms, segmental operating expenses
grew 27% to € 807 million in 2010
from € 636 million in 2009. Segmental
operating expenses as a percentage of
sales increased 1.0 percentage points to
9.9% (2009: 8.9%). This was primarily due
to higher warehousing and distribution
costs. Expenditures in conjunction with
the 2010 FIFA World Cup as well as
Reebok’s growth strategy also had a
minor impact.
Segmental operating profit
increases 10%
Segmental operating profit improved
10% to € 2.572 billion in 2010 versus
€ 2.342 billion in the prior year. In 2010,
segmental operating margin decreased
1.2 percentage points to 31.4% (2009:
32.7%) see 01. This was the result
of the gross margin decline as well as
higher segmental operating expenses as
a percentage of sales.
Number of Wholesale
employees decreases
At year-end 2010, the Group employed
4,329 people in the Wholesale segment,
which represents a decrease of 8%
versus 4,723 employees in the previous
year. This development is mainly due to
reorganisation measures following the
implementation of the joint operating
model in 2009. On a full-time equivalent
basis, the Wholesale segment employed
4,158 people at year-end 2010. This
represents a decrease of 8% versus the
prior year-end level of 4,511.