Greater China
Sales in Greater China increased 10% on a currency-neutral basis. In euro terms, sales increased 8% to € 3,459 million (2023: € 3,190 million). The currency-neutral increase was driven by growth in both Lifestyle and Performance. In Lifestyle, Originals grew at a double-digit rate, while Sportswear was up high single digits. In Performance, Football increased strong double digits, with several other categories also posting growth.
Net sales in Greater China
+10%
C.N.
€ 3,459 million
|
|
2024 |
|
2023 |
|
Change |
|
Change |
|---|---|---|---|---|---|---|---|---|
Net sales |
|
3,459 |
|
3,190 |
|
8% |
|
10% |
Gross margin |
|
49.6% |
|
48.7% |
|
0.9pp |
|
– |
Segmental operating profit |
|
714 |
|
553 |
|
29% |
|
– |
Segmental operating margin |
|
20.6% |
|
17.3% |
|
3.3pp |
|
– |
Gross margin in Greater China improved by 0.9 percentage points to 49.6% from 48.7% in 2023, mainly reflecting a better business mix. At the same time, higher sourcing costs and negative currency developments weighed on the gross margin. Operating expenses were relatively flat at € 1,012 million (2023: € 1,002 million), while operating expenses as a percentage of sales decreased 2.1 percentage points to 29.3% compared to 31.4% in the prior year. Operating profit in Greater China increased 29% to € 714 million versus € 553 million in 2023, while the operating margin improved 3.3 percentage points to 20.6% from 17.3% in 2023.