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Group Management Report – Financial Review
137
2014
/
03.3
/
adidas Group
/
2014 Annual Report
Business Performance by Segment
/
Wholesale Business Performance
Segmental operating expenses in Wholesale primarily relate to sales working budget expenses as
well as expenditure for sales force, administration and logistics. In euro terms, segmental operating
expenses were up 1% to € 810 million versus € 802 million in 2013. This was primarily due to higher
sales working budget expenses. Segmental operating expenses as a percentage of sales decreased
0.2 percentage points to 8.6% (2013: 8.8%).
Segmental operating profit increased 1% to € 3.100 billion versus € 3.082 billion in the prior year.
Segmental operating margin declined 0.8 percentage points to 33.1% (2013: 33.9%), as the positive
effect of lower segmental operating expenses as a percentage of sales was more than offset by the
gross margin decline.
Wholesale development by region
In 2014, currency-neutral sales for the Wholesale segment increased in all regions except North
America. Currency-neutral revenues in Western Europe were up 7%, mainly due to strong sales
increases in Germany, the UK, France, Poland and Spain. Currency-neutral sales in European
Emerging Markets rose 23%, as a result of double-digit growth in all of the region’s major markets.
Currency-neutral Wholesale sales in North America were down 8% due to declines in the USA.
Revenues in Greater China increased 8% on a currency-neutral basis. Sales in Other Asian Markets
grew 6% on a currency-neutral basis, driven by increases in South Korea, Japan and India. In Latin
America, currency-neutral sales were up 14%, supported by double-digit sales growth in most
markets, in particular Argentina, Mexico and Chile. Currency translation effects had a mixed impact
on regional sales in euro terms.
see Table 01
see Table 02
04
/
Wholesale net sales by brand
1
/
66% adidas Sport Performance
2
/
24% adidas Originals &
Sport Style
3
/
11% Reebok
03
/
Wholesale net sales by region
1
/
34% Western Europe
2
/
16% North America
3
/
16% Greater China
4
/
15% Other Asian Markets
5
/
13% Latin America
6
/
7% European Emerging Markets
2014
1
2
3
2014
6
5 1
2
3
4