Latin America
Sales for the adidas brand in Latin America increased 22% on a currency-neutral basis, reflecting broad-based double-digit growth in both Performance and Lifestyle. In Performance, growth was led by double-digit increases in Running, Football, and Training. In Lifestyle, double-digit growth was driven by both Originals and Sportswear. Including Yeezy sales in the prior year, currency-neutral revenues grew by 21%. In euro terms, sales in Latin America improved 6% to € 2,926 million as currency translation effects weighed on reported revenue growth (2024: € 2,772 million).
Net sales in Latin America
+22%
Brand adidas c.n.
€ 2,926 million
|
|
2025 |
|
2024 |
|
Change |
|
Change |
|
Brand adidas Change (currency-neutral)1 |
||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net sales |
|
2,926 |
|
2,772 |
|
6% |
|
21% |
|
22% |
||||
Gross profit |
|
1,391 |
|
1,329 |
|
5% |
|
— |
|
— |
||||
Gross margin |
|
47.5% |
|
47.9% |
|
(0.4pp) |
|
— |
|
— |
||||
Operating expenses |
|
786 |
|
717 |
|
10% |
|
— |
|
— |
||||
Operating expenses |
|
26.9% |
|
25.9% |
|
1.0pp |
|
— |
|
— |
||||
Operating profit |
|
609 |
|
614 |
|
(1%) |
|
— |
|
— |
||||
Operating margin |
|
20.8% |
|
22.2% |
|
(1.4pp) |
|
— |
|
— |
||||
|
||||||||||||||
Gross margin in Latin America decreased 0.4 percentage points to 47.5% (2024: 47.9%) as the positive effects from lower sourcing costs and better business mix were more than offset by unfavorable currency movements. Operating expenses were up 10% to € 786 million from € 717 million in 2024. This development reflects increases in both marketing expenditure and operating overhead costs. Operating expenses as a percentage of sales increased 1.0 percentage points to 26.9% (2024: 25.9%). Operating profit in Latin America decreased 1% to € 609 million versus € 614 million in 2024. The operating margin decreased 1.4 percentage points to 20.8% from 22.2% in 2024.
Do you know how treasury manages our cash flows?
More on Treasury