Executive Summary

• In FY16, Adidas reported revenue growth of 14.0% year over year to €19,291 million, slightly below the consensus estimate of €19,307 million. Constant-currency FY16 sales increased 18% year over year.
• The company reported FY16 adjusted EBIT of €1,491 million and the adjusted EBIT margin reached 7.7%, up from 6.5% in FY15.
• Adidas issued FY17 guidance to deliver constant currency year-over-year revenue growth in the range of 11%–13%. The company expects FY17 gross margin expansion of 50 bps year over year and adjusted EBIT margin to expand by 60–80 bps year over year to 8.3%–8.5%.