After knocking its guidance down throughout last year, Adidas still had to settle for growth slightly lower than its own predictions. The company presented its full-year results on Wednesday morning.
In the fourth quarter, sales fell 3 percent in currency neutral terms to 5.14 billion euros.
The German sportswear giant predicts growth of between 11 and 13 percent this year and noted that this guidance took into account the closure of Russian operations. Losses from business there might amount to 250 million euros and account for around 1 percentage point of growth, the company stated. Adidas predicts that a hangover from Q4 will continue to impact sales in the first quarter of this year and forecast a mid-single digit decline for Q1, before speeding up to double-digit growth in the mid- to high teens for the rest of the year.
Incentivizing membership to the brand’s shopping app was also a priority. Adidas added 240 million members in 2021, noting these people buy 50 percent more than other customers, Rorsted said. Over the whole year, Adidas sales in the Greater China territory grew 3 percent to hit 4.6 billion euros. In total, the Asia-Pacific region brought in 6.78 billion euros.
“Revenues in North America were most impacted by the supply shortages in the fourth quarter,” Adidas noted. Due to the pandemic, factories in Adidas’ main manufacturing base, Vietnam, were closed at the end of last year.
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