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adidas FOR IMMEDIATE RELEASE ● ● ● ● Herzogenaurach , November 10 , 2021 adidas performed well in a challenging environment during Q3 2021 Currency - neutral sales up 3 % , despite € 600 million drag from external factors Strong top - line momentum in EMEA , North America and Latin America with double - digit increase across these regions DTC business growing at double - digit rate in EMEA , North America and Latin America Gross margin at 50.1 % as significantly higher full - price sales partly compensate negative currency impact and higher supply chain costs Operating margin at 11.7 % despite strong double - digit increase in marketing spend Net income from continuing operations reaches € 479 million Inventories down 23 % currency - neutral 2021 top- and bottom - line outlook confirmed " adidas performed well in an environment characterized by severe challenges on both the supply and demand side , " said adidas CEO Kasper Rorsted . " As a consequence of successful product launches we are experiencing strong top - line momentum in all markets that operate without major disruption . Double - digit growth in our direct - to - consumer businesses in EMEA , North America and Latin America is a testament to the strong consumer demand for our products . At the same time , we are navigating through the current world - wide supply chain constraints . Despite all challenges , we are on track to delivering a successful first year within our new strategic cycle . " Currency - neutral revenues grow 3 % in the third quarter Despite several external factors weighing on demand and supply during the quarter , adidas was able to increase its currency - neutral revenues by 3 % . In total , the challenging market environment in Greater China , extensive Covid - related lockdowns in Asia - Pacific as well as industry - wide supply chain disruptions reduced revenue growth by around € 600 million in Q3 . From a channel perspective , the company's top - line development was driven by growth in its own direct - to - consumer channel where currency - neutral sales grew 5 % year - on - year , reflecting an increase of nearly 20 % compared to the 2019 level . adidas ' e - commerce revenues experienced a significant increase in full - price sales during the quarter and grew 8 % year - on - year . This reflects an increase of 64 % compared to the level of 2019 , reflecting the exceptionally high growth in the prior year period . In euro terms , adidas revenues also grew 3 % in the third quarter to € 5.752 billion ( 2020 : € 5.561 billion ) . Following the company's decision to focus its efforts on further strengthening the leading position of the adidas brand and to start a process aimed at divesting Reebok , all income and expenses of the Reebok business are reported as discontinued operations as of the first quarter 2021. For the sake of clarity , all figures related to the 2020 financial year refer to the company's continuing operations unless otherwise stated . However , a restatement of 2020 balance sheet items is not permitted under IFRS . 1