Annual Report 2022


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North America

Revenues in North America increased 12% on a currency-neutral basis and 25% in euro terms to € 6,398 million from € 5,105 million in 2021. The currency-neutral improvement was driven by strong double-digit growth in Performance, reflecting exceptional growth in Football, excellent growth in Running, and strong double-digit increases in Outdoor. In addition, currency-neutral sales in Lifestyle grew at a high-single-digit rate.

Net sales in North America



€ 6,398 million

North America at a glance € in millions1









Change (currency-neutral)

Net sales









Gross margin








Segmental operating profit








Segmental operating margin









Figures reflect continuing operations as a result of the reclassification of the Reebok business to discontinued operations.

Gross margin in North America decreased 3.3 percentage points to 42.9% (2021: 46.2%). The negative impact from increased promotional activity, a less favorable channel mix as well as higher supply chain costs could only be partly offset by the benefits from better pricing, an improved category mix as well as favorable currency fluctuations. Operating expenses were up 27% to € 1,826 million versus € 1,433 million in 2021, reflecting an increase in both operating overhead and marketing expenditures. Operating expenses as a percentage of sales increased 0.5 percentage points to 28.5% (2021: 28.1%). Operating profit in North America increased 3% to € 989 million from € 960 million in 2021. As a result of the lower gross margin and higher operating expenses as a percentage of sales, operating margin decreased 3.4 percentage points to 15.5% from 18.8% in 2021.

How did the 2022 financial year go?

More on Business Performance
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.
Under the ‘Performance’ category, we subsume all footwear, apparel and ‘accessories and gear’ products which are of a more technical nature, built for sport and worn for sport. These are, among others, products from our most important sport categories: Football, Training, Running, and Outdoor.
This Group Management Report is a combined management report. It contains the Group Management Report of the adidas Group and the Management Report of adidas AG.
The Declaration on Corporate Governance is part of the Annual Report.
Declaration on Corporate Governance