纺织品、服装与奢侈品海外观察系列74丨Adidas FY2024Q3经营跟踪：鞋类产品持续引领增长，上调全年业绩指引

Investment Rating - The investment rating for the industry is "Positive" and maintained [8]. Core Insights - The report highlights that Adidas achieved revenue of €6.44 billion in FY24Q3, representing a 10% year-over-year increase at constant exchange rates. The operating profit rose by 46% to €600 million, with a gross margin improvement of 2 percentage points to 51.3% due to lower production and transportation costs, reduced discounts, and optimized product mix [5][7]. - The company has raised its full-year guidance, now expecting a 10% year-over-year revenue increase for 2024 at constant exchange rates, up from previous expectations of high single-digit growth. The operating profit is projected to be around €1.2 billion, increased from €1 billion [7]. Revenue Breakdown - By Region: - Europe showed strong growth with revenues of €2.15 billion, up 18% year-over-year. - North America faced a decline of 7% to €1.36 billion due to the contraction of the Yeezy business, while excluding Yeezy, revenue increased. - Emerging markets/Latin America saw revenues of €0.91 billion and €0.68 billion, respectively, with increases of 16% and 28% year-over-year. - Greater China achieved revenues of €0.95 billion, up 9% year-over-year [5][6]. - By Product Category: - Footwear led growth with total revenue of €3.77 billion, a 14% increase year-over-year. - Apparel revenue grew by 5% to €2.25 billion, driven by retro jerseys and the Adicolor series. - Accessories also saw a recovery with a 10% increase to €420 million [6]. - By Channel: - Direct-to-Consumer (DTC) revenue increased by 7% to €2.35 billion, with a 17% increase when excluding Yeezy. - E-commerce sales were impacted by Yeezy, showing a 3% decline, but grew over 25% when excluding Yeezy. - Wholesale revenue rose by 13% to €4.09 billion [6]. Inventory and Health - The inventory level stood at €4.52 billion, reflecting a healthy status with a year-over-year decrease of 7%. The inventory reduction rate has slowed compared to previous quarters [6].