The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Graham Ian Renwick - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: Two questions. Just firstly, on China. On the last call, you said China sales in June were already back to 2019 levels. If we were to exclude the impact
of the lockdowns in Q3, do you think you would have seen a continued progressive improvement in China from that June level? Or maybe put
another way, how are you performing in regions of China that weren't under lockdown? Did you continue to see a sales recovery back above 2019
levels? Just trying to get a sense of the underlying trend there?
And second, on fiscal '22 guidance, you very helpfully provided us with a bridge for revenue growth. Thanks for that. I was just wondering how we
should be thinking about the puts and takes for margins next year it looks like there's several margin tailwinds building for you with higher DTC
FX turning to tailwinds. You've got the recovery in China and some of those Reebok costs are also going to roll off. And you did mention that you'd
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NOVEMBER 10, 2021 / 2:00PM, ADSGn.DE - Q3 2021 Adidas AG Earnings Call
be raising prices as well, which should help mitigate some of that cost inflation. So alongside the 8% to 10% revenue growth, would it be reasonable
for us to think that adidas can return to, say, 2019 margin levels in '22?
Question: Jurgen Kolb - Kepler Cheuvreux, Research Division - Analyst
: Two questions from my side. On Page 26, you detailed your action plan for China. I was wondering how much of those plans are just plans or
initiatives that are here in the short term will be changed? Or will they extend it, i.e., you said you have more than 100 marketplace expansion with
new Terrex and Y-3 point of sales, is that a new program that you're planning to open more of these specific Terrex and Y-3 and Stella stores in
China? And then secondly, it also seems as if you're experiencing a lower promotional environment. I was wondering if you could comment on
how you see the current environment on a market-by-market basis? And how long do you think these lower promotional environment will last
from your observations?
Question: Anne-Laure Bismuth - HSBC, Research Division - Analyst
: So I have two. The first one is still on China. So some competitors are thinking about reinvesting around the winter Olympics. Is this the right
window? Or do you seem to further reinvest in China? And my second question is about the percentage of sales at full price. Are you where you
want to be?
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NOVEMBER 10, 2021 / 2:00PM, ADSGn.DE - Q3 2021 Adidas AG Earnings Call
Question: Anne-Laure Bismuth - HSBC, Research Division - Analyst
: Are you where you want to be on full price sales?
Question: Anne-Laure Bismuth - HSBC, Research Division - Analyst
: No. But globally, the percentage of sales at full price, are you where you want to be just...
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