Reebok 2014 Annual Report Download - page 111

Group Management Report – Financial Review
107
2014
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03.2
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adidas Group
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2014 Annual Report
Group Business Performance
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Income Statement
Group sales increase driven by strong growth in Wholesale and Retail
In 2014, currency-neutral Wholesale revenues increased 6%. While sales at adidas grew at a
mid-single-digit rate, revenues at Reebok remained stable compared to the prior year. Currency-
neutral Retail sales were up 21% versus the prior year as a result of double-digit sales increases at
adidas and Reebok. Revenues in Other Businesses were down 19% on a currency-neutral basis, due
to double-digit sales declines at TaylorMade-adidas Golf. Currency translation effects had a negative
impact on segmental sales in euro terms. Wholesale revenues increased 3% to € 9.376 billion in
2014 from € 9.100 billion in 2013. Retail sales rose 11% to € 3.842 billion versus € 3.446 billion
in the prior year. Sales in Other Businesses declined 21% to € 1.316 billion (2013: € 1.657 billion).
Currency-neutral sales grow in nearly all regions
In 2014, currency-neutral adidas Group sales grew in all regions except North America. Revenues
in Western Europe increased 8% on a currency-neutral basis, driven by strong sales growth in
Germany, the UK, France and Spain. In European Emerging Markets, Group sales were up 19% on
a currency-neutral basis, with double-digit sales increases in all of the region’s major markets.
Currency-neutral sales for the adidas Group in North America decreased 6%, mainly due to sales
declines in the USA. Sales in Greater China increased 10% on a currency-neutral basis. Currency-
neutral revenues in Other Asian Markets grew 2%, driven by sales increases in South Korea and
India. In Latin America, sales grew 19% on a currency-neutral basis with double-digit increases in
most markets, in particular Argentina, Mexico and Brazil. Currency translation effects had a mixed
impact on regional sales in euro terms.
see Table 11
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Net sales 1) 2) (€ in millions)
2014 14,534
2013 14,203
2012 14,883
2011 13,322
2010 11,990
1) 2014 and 2013 reflect continuing operations as a result of the planned divestiture of the
Rockport business.
2) 2011 restated according to IAS 8 in the 2012 consolidated financial statements.
10
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Net sales by segment
1) Figures reflect continuing operations as a result of the planned divestiture of the
Rockport business.
1
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65% Wholesale
2
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26% Retail
3
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9% Other Businesses 1)
09
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Net sales by region 1)
1) Figures reflect continuing operations as a result of the planned divestiture of the
Rockport business.
1
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28% Western Europe
2
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20% North America
3
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14% Other Asian Markets
4
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13% European Emerging Markets
5
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12% Greater China
6
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11% Latin America
08
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Net sales by quarter 1) (€ in millions)
Q4 2014 3,610
Q4 2013 3,391
Q3 2014 4,044
Q3 2013 3,807
Q2 2014 3,400
Q2 2013 3,314
Q1 2014 3,480
Q1 2013 3,690
1) Figures reflect continuing operations as a result of the planned divestiture of the
Rockport business.
2014
1
2
3
2014
6
5 1
2
3
4