This came, the company said, despite continuing Covid-19 issues, particularly in Greater China. E-commerce revenues increased 4% during the year, on top of exceptional growth of more than 50% during the height of the pandemic in 2020.

Sales in EMEA, North America, and Latin America increased by 24%, 17% and 47% respectively, while Greater China and Asia-Pacific grew by 3% and 8% despite continuing challenging market environments.

Adidas reported that net income from continuing operations increased by 223% to €1.5 billion in 2021 from €461 million in 2020.

After recovering from the pandemic in 2021, Adidas said that it expects double-digit, top-line growth to continue in 2022 despite ongoing uncertainty. This growth assumption already includes a risk of up to €250 million in the company’s Russia/CIS business – about 50% of the company’s total revenues in the region – due to the war in Ukraine and reflects the suspension of retail and e-commerce operations in Russia.

Kasper Rorsted, CEO of Adidas, said: “Unfortunately, we release our 2021 results in unsettling times. Our thoughts and prayers are with the Ukrainian people, our teams on the ground and everyone affected by the war.”