Targets – Results – Outlook

Targets 2019¹

Results 2019

Outlook 2020²

1	As published on March 13, 2019.
2	Subject to change due to coronavirus outbreak in China.
3	2019 including negative impact from accounting change according to IFRS 16; excluding this impact, net income from continuing operations was expected to increase at a rate between 10% and 14% to a level between € 1.880 billion and € 1.950 billion.
4	Excluding acquisitions and leases.

Currency-neutral sales
increase at a rate between 5% and 8%

Currency-neutral sales
increase of 6%
Sales of
€ 23.640 billion

Currency-neutral sales
increase at a rate between 6% and 8%

Gross margin
increase to a level of around 52.0%

Gross margin
increase of 0.2pp to 52.0%

Gross margin
slight decrease compared to the prior year level of 52.0%

Operating margin
increase between 0.5pp and 0.7pp
to a level between 11.3% and 11.5%

Operating margin
increase of 0.4pp to 11.3%

Operating margin
increase between 0.2pp and 0.5pp
to a level between 11.5% and 11.8%

Net income from continuing operations³
increase at a rate between 8% and 12%
to a level between € 1.845 billion and € 1.915 billion

Net income from continuing operations³
increase of 12% to € 1.918 billion

Net income from continuing operations
increase at a rate between 10% and 13%
to a level between € 2.100 billion and € 2.160 billion

Average operating working capital in % of net sales
slight increase

Average operating working capital in % of net sales
decrease of 0.9pp to 18.1%

Average operating working capital in % of net sales
slight increase

Capital expenditure⁴
increase to a level of up to € 900 million

Capital expenditure⁴
€ 711 million

Capital expenditure⁴
increase to a level of around € 800 million

70 years of adidas