Latin America
Revenues in Latin America increased 44% on a currency-neutral basis. In euro terms, sales in Latin America improved 46% to € 2,110 million from € 1,446 million in 2021. On a currency-neutral basis, this improvement was driven by strong double-digit growth in both Performance and Lifestyle. Within Performance, all categories grew at strong double-digit rates.
Net sales in Latin America
+44%
C.N.
€ 2,110 million
|
|
2022 |
|
2021 |
|
Change |
|
Change (currency-neutral) |
||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net sales |
|
2,110 |
|
1,446 |
|
46% |
|
44% |
||||
Gross margin |
|
47.5% |
|
48.2% |
|
(0.7pp) |
|
– |
||||
Segmental operating profit |
|
473 |
|
265 |
|
79% |
|
– |
||||
Segmental operating margin |
|
22.4% |
|
18.3% |
|
4.1pp |
|
– |
||||
|
||||||||||||
Gross margin in Latin America decreased 0.7 percentage points to 47.5% (2021: 48.2%). While better pricing had a significant positive impact on the margin development, negative currency developments and higher supply chain costs weighed on the gross margin in the region. Operating expenses were up 24% to € 539 million from € 434 million in 2021, reflecting double-digit increases both in marketing expenditure and operating overhead costs. However, operating expenses as a percentage of sales decreased 4.5 percentage points to 25.5% (2021: 30.0%). Operating profit in Latin America increased 79% to € 473 million versus € 265 million in 2021. As a result of the increased sales and lower operating expenses as a percentage of sales, operating margin improved 4.1 percentage points to 22.4% from 18.3% in 2021.
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