adidas’ currency-neutral revenues increased 19% in Q4 FY24. Credit: Robert Way/Shutterstock.

German sports-inspired apparel brand adidas has reported strong fourth quarter (Q4) and full-year growth for the fiscal year 2024 (FY24), surpassing market expectations.  

The company’s currency-neutral revenues rose 19% in Q4 FY24, translating to an uptick in euro terms with revenues reaching €5.96bn ($6.16bn) – a 24% climb from the €4.81bn reported in the corresponding quarter of the previous year. 

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adidas achieved a currency-neutral revenue increase of 18% even when Yeezy sales are set aside for both years under comparison. 

Gross margin witnessed a rise of 5.2 percentage points (pps) in Q4 FY24, settling at 49.8% – an increase from the 44.6% recorded in the same period a year previously. 

Operational profitability took a positive turn as adidas reported an operating profit of €57m for the quarter, a stark contrast to the operating loss of €377m experienced in Q4 FY23. 

Preliminary unaudited figures for the full year 2024 indicate that currency-neutral revenues rose 12%.  

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In euro terms, this growth was slightly lower at 11%, with annual revenues amounting to €23.68bn, up from €21.42bn in FY23.  

There was a currency-neutral revenue increase of 13% excluding Yeezy sales for both years. 

Gross margin for the full year improved by 3.3pps to reach 50.8% in 2024 compared to 47.5% in FY23.  

Full-year operating profit experienced a surge of over €1bn, culminating at €1.33bn, a significant improvement from the €268m reported in 2023. 

adidas CEO Bjørn Gulden stated: “I am very pleased with how the fourth quarter and the full year developed for us at adidas. A 19% currency-neutral growth (+24% reported) in a quarter that generally posed challenges for the trade underscores the strong momentum we currently see for our brand and our products.  

“We clearly see that consumers’ and retailers’ interest in our products is growing across both Lifestyle and Performance categories. Strong growth across all regions and divisions proves the good job our teams are doing across regions and functions. 

“We also feel good about the future, and we see potential to increase our market share in all markets. There is a lot of macroeconomic uncertainty right now, but we clearly have the goal to again grow double-digit with the adidas brand and use that growth to continue to improve our operating profit and make further progress towards our 10% margin target.” 

In December 2024, German law enforcement officials executed a search operation at the headquarters of adidas in Herzogenaurach.