Asia-Pacific
Sales in Asia-Pacific improved 7% on a currency-neutral basis. In euro terms, sales in Asia-Pacific were up 1% to € 2,254 million from € 2,241 million in 2022. On a currency-neutral basis, this development was driven by high-single-digit growth in Performance, reflecting growth across all categories. Lifestyle revenues also grew at a high-single-digit rate, driven by strong double-digit growth in both Originals and Basketball.
Net sales in Asia-Pacific
+7%
C.N.
€ 2,254 million
|
|
2023 |
|
2022 |
|
Change |
|
Change (currency-neutral) |
|---|---|---|---|---|---|---|---|---|
Net sales |
|
2,254 |
|
2,241 |
|
1% |
|
7% |
Gross margin |
|
53.5% |
|
52.9% |
|
0.6pp |
|
– |
Segmental operating profit |
|
472 |
|
486 |
|
(3%) |
|
– |
Segmental operating margin |
|
20.9% |
|
21.7% |
|
(0.7pp) |
|
– |
Gross margin in Asia-Pacific increased 0.6 percentage points to 53.5% (2022: 52.9%), mainly driven by significantly better pricing, a more favorable business mix, and less discounting. At the same time, unfavorable currency developments and increased supply chain costs significantly weighed on the gross margin development. Operating expenses were up 4% to € 749 million versus € 721 million in 2022, driven by a high-single-digit increase in operating overheads. Operating expenses as a percentage of sales were up 1.1 percentage points to 33.2% (2022: 32.2%). Operating profit in Asia-Pacific decreased 3% to € 472 million from € 486 million in 2022. Operating margin was down 0.7 percentage points to 20.9% versus 21.7% in 2022, as the gross margin increase was more than offset by higher operating expenses as a percentage of sales.
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