“Going from single-digit growth at the beginning of the year to 19% currency-neutral growth in a fourth quarter that in general was difficult for the trade, underlines the strong momentum we currently see for our brand and our products.”
Footwear drove the company’s growth, it said, with a currency-neutral increase of 17%. This was driven by strong double-digit growth in its originals, football and training products, with running and performance basketball also contributing. During the year, the company said, it expanded its footwear portfolio to encompass a wider range of price points, contributing to growth.
It also reported double-digit growth in both wholesale and direct-to-consumer channels. Currency-neutral revenues for wholesale were up 14%, while they were up 11% in direct-to-consumer, which would have been a 16% increase without Yeezy. E-commerce revenues were up by 6%, and without Yeezy this figure would have been 18%.
Looking regionally, sales were up 19% in Europe, 10% in Greater China, 10% in Japan/South Korea, 19% in emerging markets and 28% in Latin America. However, sales fell 2% in North America, again being dragged down by Yeezy, although there was double-digit growth there in the fourth quarter as the impact subsided.
In 2025, the company expects that, despite persisting macroeconomic and geopolitical challenges, it will gain further market share, with currency-neutral sales expected to grow at a high-single-digit rate. “A significantly better, broader, and deeper product range combined with an increased focus on local consumer preferences as well as much improved retailer relationships will be the main drivers of the projected top-line increase,” it said. No Yeezy revenues are included in the 2025 projections, with the remaining inventory now all sold.
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