Adidas Group (ETR: ADS) FY15 Results: Strong Sales Boosted by Double-Digit Growth in Key Markets

Executive Summary

• Adidas Group reported net sales of €16.9 billion in FY15, beating the consensus estimate and up 16.4% from the previous year. The growth was mainly driven by strong regional performance in Western Europe; Greater China; Latin America; and the Middle East, Africa and Asia.
• Net income rose by 29.3%, to €634 million, and reported EPS grew by 34.0%, to €3.15; both missed consensus estimates.
• The group expects strong top- and bottom-line trends to continue through FY16, and projects that sales will increase by 10%–12% at constant currency.