Latin America

Revenues in Latin America decreased 16% on a currency-neutral basis. In euro terms, sales in Latin America declined 30% to € 1.158 billion from € 1.660 billion in 2019. adidas brand sales were down 16% on a currency-neutral basis, with declines in both and . Reebok brand sales in Latin America were down 14% on a currency-neutral basis, due to declines in both Sport and Classics.

Net sales in Latin America



€ 1.158 bn

Latin America at a glance € in millions









Change (currency-neutral)

Net sales









adidas brand









Reebok brand









Gross margin








Segmental operating profit








Segmental operating margin








Gross margin in Latin America decreased 0.2 percentage points to 44.3% (2019: 44.5%), as a more favorable channel and pricing mix was more than offset by negative currency developments. Operating expenses were down 6% to € 418 million from € 444 million in 2019, reflecting a decline in both operating overhead costs and . Operating expenses as a percentage of sales increased 9.3 percentage points to 36.1% (2019: 26.7%). As a result of the lower gross margin and higher operating expenses as a percentage of sales, operating margin declined 9.6 percentage points to 8.2% from 17.8% in 2019. Operating profit in Latin America decreased 68% to € 95 million versus € 295 million in 2019.

Sport inspired

‘Sport Instands for fashion inspired by sport – also known as ‘sports lifestyle’. It draws inspiration from adidas’ rich archives and legacy. Sport Inspired stands for Originals, Y-3, Statement and Yeezy.

Sport performance

’Sport Performance’ stands for the categories training, running, football, basketball and heartbeat sports such as outdoor, swim, tennis and US sports.

Marketing expenditure

Expenditure that relates to point-of-sale and marketing investments. While point-of-sale investments include expenses for advertising and promotion initiatives at the point of sale as well as store fittings and furniture, marketing investments relate to sponsorship contracts with teams and individual athletes as well as to advertising, events and other communication activities. Marketing overhead expenses are not included in marketing expenditure.

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