Half Year 2021 Adidas AG Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Graham Ian Renwick - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : Just first on the exit momentum from the quarter, just a clarification from the presentation really. Is it correct that you said the sales for the whole China business in June were flat versus 2019? And are you also able to provide the same June growth or exit rate for total group sales versus 2019? And how has that developed into July, if possible, at least directionally? And then secondly, on wholesale, a key part of your strategy was streamlining the wholesale distributed -- distribution and exiting undifferentiated wholesale doors, particularly in U.S. and Europe. Something I assume, has accelerated faster through the pandemic. So when we think about the sales growth in '21 versus the 2019 base, had exiting wholesale doors being a headwind toward your revenue growth, at least a temporary one before you recapture those sales through DTC or better quality wholesale partners?

Question: Anne-Laure Bismuth - HSBC, Research Division - Analyst : Actually, I have one. It's about the marketing expenditure. So should we think about H2? So do you plan to accelerating the investments and marketing expenses in H2? Should we expect the marketing to sales ratio closer to the top end of the 12% to 13% range in terms of marketing expenditure for H2? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 05, 2021 / 1:00PM, ADSGn.DE - Half Year 2021 Adidas AG Earnings Call

Question: Anne-Laure Bismuth - HSBC, Research Division - Analyst : But in Q2, it was 12% of the group sales, which would be closer to 13% in H2?