adidas(US:ADDYY)2021-05-07 16:49Financial Performance - Revenues increased by 20% in euro terms to €5268 billion[22], and 27% currency-neutral[21, 22, 37] - Gross margin increased by 21 percentage points to 518%[22, 37] - Operating profit reached €704 million, resulting in an operating margin of 134%[22, 37] - Net income from continuing operations was €502 million[22, 37] - Basic EPS from continuing operations was €260[22, 37] Market and Channel Growth - Greater China experienced a significant growth of 156%[25, 34] - Direct-to-consumer (DTC) sales increased by 31%[21] - E-commerce sales increased by 43% on top of 35% growth in the prior-year quarter[21], with e-com revenues almost doubling over a two-year period[27] Operational Factors - Store opening rate in Europe decreased to below 50% in March due to prolonged lockdowns[21] - Inventories are down 8% currency-neutral year-on-year[45] - Adjusted net borrowings stand at €3290 million[42] Outlook - The company upgraded its full-year outlook, expecting a high-teens increase in net sales[93], a gross margin increase to around 52%[93], and an operating margin increase to 9%-10%[93] - Net income is projected to increase to between €125 billion and €145 billion[93]