Reebok 2011 Annual Report Download - page 125

adidas Group
2011 Annual Report
GROUP MANAGEMENT REPORT – FINANCIAL REVIEW
121
2011
Retail sales rose 17% to € 2.793 billion versus € 2.389 billion in the
prior year. Sales in Other Businesses grew 11% to € 1.580 billion
(2010: € 1.420 billion).
Currency-neutral sales increase in all regions
In 2011, revenues in Western Europe increased 10% on a currency-
neutral basis, primarily as a result of strong sales growth in Germany,
France, Spain and Italy. In European Emerging Markets, Group sales
increased 22% on a currency-neutral basis due to growth in most
of the region’s markets, in particular Russia. Sales for the adidas
Group in North America grew 15% on a currency-neutral basis due
to double-digit sales increases in both the USA and Canada. Sales in
Greater China increased 23% on a currency-neutral basis. Currency-
neutral revenues in Other Asian Markets grew 5% due to increases in
most markets, in particular South Korea. In Latin America, sales grew
10% on a currency-neutral basis, with strong double-digit increases in
most of the region’s major markets. Currency translation effects had a
mixed impact on regional sales in euro terms TABLE 09 .
03.2 Group Business Performance Income Statement
07 Net sales (€ in millions)
2011 13,344
2010 11,990
2009 10,381
2008 10,799
2007 10,299
08 Net sales by quarter (€ in millions)
Q4 2011 3,263
Q4 2010 2,931
Q3 2011 3,744
Q3 2010 3,468
Q2 2011 3,064
Q2 2010 2,917
Q1 2011 3,273
Q1 2010 2,674
11 Net sales by segment
2011 1 67% Wholesale
2 21% Retail
3 12% Other Businesses
1
2
3
10 Net sales by region
2011
1 30% Western Europe
2 23% North America
3 16% Other Asian Markets
4 12% European Emerging Markets
5 10% Latin America
6 9% Greater China
6
5 1
2
3
4
09 Net sales by region (€ in millions)
2011 2010 Change Change
(currency-neutral)
Western Europe 3,922 3,543 11% 10%
European Emerging Markets 1,597 1,385 15% 22%
North America 3,102 2,805 11% 15%
Greater China 1,229 1,000 23% 23%
Other Asian Markets 2,125 1,972 8% 5%
Latin America 1,369 1,285 7% 10%
Total 1) 13,344 11,990 11% 13%
1) Rounding differences may arise in totals.
Income Statement
adidas Group currency-neutral sales grow 13%
In 2011, Group revenues grew 13% on a currency-neutral basis, as a
result of double-digit sales increases in Wholesale, Retail and Other
Businesses. This development exceeded initial Management expect-
ations of a mid- to high-single-digit Group sales increase. Currency
translation effects had a negative impact on sales in euro terms. Group
revenues grew 11% to € 13.344 billion in 2011 from € 11.990 billion in
2010 DIAGRAM 07 .
Group sales increase driven by double-digit growth
in all segments
In 2011, currency-neutral Wholesale revenues increased 11%, mainly
due to double-digit sales growth at adidas. Currency-neutral Retail
sales increased 20% versus the prior year, as a result of double-digit
comparable store sales growth. Revenues in Other Businesses were up
13% on a currency-neutral basis, mainly driven by double-digit sales
increases at TaylorMade-adidas Golf. Currency translation effects
had a negative impact on segmental sales in euro terms. Wholesale
revenues increased 10% to € 8.971 billion from € 8.181 billion in 2010.