BERLIN (dpa-AFX) - Adidas AG (ADDYY.PK, ADDDF.PK) reported Wednesday that its fourth-quarter net income from continuing operations was 138 million euros, down from 181 million euros.
Earnings per share from continuing operations was 0.68 euro, compared to prior year's 0.92 euro.
Operating profit amounted to 225 million euros, lower than 245 million euros a year ago. Operating margin was 4.1 percent, largely in line with the prior year's 4.2 percent.
Sales for the company were down 5 percent to 5.55 billion euros from 5.84 billion euros a year ago. adidas recorded sales growth of 1 percent on a currency-neutral basis, despite a tough prior year comparison base and the challenging environment especially in Europe.
Looking ahead for fiscal 2021, net income from continuing operations is projected to increase to a level of between 1.25 billion euros and 1.45 billion euros. The company's operating margin is projected to rebound sharply to a level of between 9 percent and 10 percent.
Gross margin would almost fully recover to a level of around 52 percent.
Further, the company expects strong top-line increase with sales to grow at a mid- to high-teens rate.
Copyright RTT News/dpa-AFX