adidas Group reported that currency-neutral sales grew 40% in the first quarter of 2006, mainly driven by the first-time consolidation of the Reebok business segment. Sales for the adidas Group excluding Reebok increased 13% on a currency-neutral basis supported by higher sales in all regions. In euro terms, Group revenues grew 47% to 2.46 billion in the first quarter of 2006 from 1.67 billion in 2005. Sales for the adidas Group excluding Reebok grew 19% in euro terms to 1.99 billion in 2006 from 1.67 billion in the prior year.
“The adidas Group has got off to a powerful start in the first quarter of 2006,” commented adidas-Salomon AG Chairman and CEO Herbert Hainer.” Both adidas and TaylorMade-adidas Golf delivered excellent top- and bottom-line results, and Reebok sales clearly outperformed order backlogs.”
The adidas segment set the pace for the Groups organic sales growth in the first quarter of 2006. Currency-neutral adidas revenues increased 12% during the first three months. Drivers of this growth were significant increases in nearly all Sport Performance categories as well as double-digit growth in the Sport Heritage and Sport Style divisions. The Reebok segment, which was consolidated for the first time in the first quarter of 2006, contributed 454 million to adidas Group sales. At TaylorMade-adidas Golf currency-neutral revenues increased 26%. This positive performance was driven by strong double-digit growth in all major categories and the first-time inclusion of the Greg Norman apparel business. Currency translation effects positively impacted sales at all brands in euro terms.
adidas sales in euro terms increased 17% to 1.78 billion in the first quarter of 2006 from 1.51 billion in 2005. TaylorMade-adidas Golf sales in euro terms grew 34% to 201 million in 2006 from 149 million in 2005.
|
|
2006[i] |
2005[ii] |
Change y-o-y |
Change y-o-y |
|
|
in millions |
in millions |
in % |
in % |
|
|
1,776 |
1,512 |
17 |
12 |
|
|
454 |
505 |
(10) |
(16) |
|
|
201 |
149 |
34 |
26 |
|
|
2,459 |
1,674 |
47 |
40 |
Group sales by brand in 2006, “Total” includes HQ/Consolidation
[i]
Including Reebok business segment from February 1, 2006 onwards.
[ii]
Figures reflect continuing operations as a result of the divestiture of the Salomon business segment in 2005.
[iii]
Only includes two months of the three-month period in the first quarter of 2006. The relevant figures for the two-month period of 2005 were not consolidated within the adidas Group in 2005 and are therefore not included in the total. Reebok prior year results are based on US-GAAP figures and not IFRS.
Regional Results
First quarter adidas Group sales in Europe grew 20% on a currency-neutral basis, mainly reflecting the first-time consolidation of the Reebok segment as well as increases at brand adidas. This represents an improvement of 21% in euro terms to 1.067 billion in 2006 from 881 million in 2005. In North America, Group sales during the first quarter increased 94% on a currency-neutral basis. This development represents the highest first quarter growth rate since the IPO in 1995 and reflects the first-time consolidation of the Reebok segment as well as double-digit increases at both adidas and TaylorMade-adidas Golf. In euro terms, sales increased 113% to 759 million in 2006 from 357 million in 2005. Sales for the adidas Group in Asia increased 28% on a currency-neutral basis in the first quarter of 2006, driven by strong double-digit increases at adidas and TaylorMade-adidas Golf as well as the first-time consolidation of the Reebok segment. In euro terms, revenues in Asia grew 34% to 474 million in 2006 from 354 million in 2005. In Latin America, currency-neutral sales increased 58% in the first quarter. This development mainly reflects strong increases at brand adidas as well as the first-time consolidation of the Reebok segment. In euro terms, sales grew 85% to 126 million in 2006 from 68 million in 2005.
|
|
|
|
|
|
|
|
|
|
|
|
|
Europe |
|
881 |
20 |
21 |
|
North |
|
357 |
113 |
94 |
|
Asia |
|
354 |
34 |
28 |
|
Latin |
|
68 |
85 |
58 |
|
Total |
|
