FRANKFURT (AFP) – German sportswear giant Adidas reported an almost-fivefold leap in its net profit yesterday, with the group betting on double-digit growth in 2022 despite the impact of the war in Ukraine.
Adidas booked a net profit of EUR2.1 billion (USD2.3 billion) on its continuing operations in 2021, up from 432 million euros the previous year, the company said in a statement.
Excluding the Reebok brand after Adidas agreed its sale in August, the net profit on continuing operations came in at EUR1.5 billion, up from 461 million the previous year.
Across the board, the outfitter saw revenues rise by 15.2 per cent to EUR21.2 billion in 2021, despite strong headwinds.
Coronavirus lockdowns, supply chain disruptions and “challenging conditions” in the key Chinese market shaved more than EUR1.5 billion off the sales figure.
Sales in the market were down 24 per cent in the last three months of 2021, limiting annual revenue growth to three per cent, while other market regions powered ahead.