Asia-Pacific
Sales in Asia-Pacific improved 8% on a currency-neutral basis. In euro terms, sales in Asia-Pacific were up 5% to € 2.180 billion from € 2.083 billion in 2020. On a currency-neutral basis, this development was driven by mid-single-digit increases in Performance due to moderate improvements in Training and Running as well as by low-single-digit growth in .
Net sales in Asia-Pacific
+8%
C.N.
€ 2.180 bn
|
|
2021 |
|
2020 |
|
Change |
|
Change (currency-neutral) |
||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net sales |
|
2,180 |
|
2,083 |
|
5% |
|
8% |
||||
Gross margin |
|
51.3% |
|
52.0% |
|
(0.7pp) |
|
– |
||||
Segmental operating profit |
|
457 |
|
382 |
|
19% |
|
– |
||||
Segmental operating margin |
|
20.9% |
|
18.3% |
|
2.6pp |
|
– |
||||
|
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Gross margin in Asia-Pacific decreased 0.7 percentage points to 51.3% (2020: 52.0%), due to negative currency developments, higher sourcing costs, and a less favorable channel mix. Operating expenses were down 6% to € 677 million versus € 717 million in 2020, reflecting a decline in both expenditure and – to a higher extent – overhead costs. Operating expenses as a percentage of sales were down 3.4 percentage points to 31.1% (2020: 34.4%). As the gross margin decline was more than offset by lower operating expenses as a percentage of sales, operating margin was up 2.6 percentage points to 20.9% versus 18.3% in 2020. Operating profit in Asia-Pacific increased 19% to € 457 million from € 382 million in 2020.
Lifestyle
Under the ‘Lifestyle’ category, we subsume all footwear, apparel, and ‘accessories and gear’ products that are born from sport and worn for style. ‘adidas Originals,’ which is inspired by sport and worn on the street, is at the heart of the ‘Lifestyle’ category.
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.
Operating overhead Costs
Expenses which are not directly attributable to the products or services sold, such as distribution and selling as well as general and administration costs, but not including marketing and point-of-sale expenses.