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
+12%
C.N.
€ 6,398 million
|
|
2022 |
|
2021 |
|
Change |
|
Change (currency-neutral) |
||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net sales |
|
6,398 |
|
5,105 |
|
25% |
|
12% |
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Gross margin |
|
42.9% |
|
46.2% |
|
(3.3pp) |
|
– |
||||
Segmental operating profit |
|
989 |
|
960 |
|
3% |
|
– |
||||
Segmental operating margin |
|
15.5% |
|
18.8% |
|
(3.4pp) |
|
– |
||||
|
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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