adidas AG said its fourth-quarter normalized net income was €250,000, a fall of 98.9% from €22.1 million in the year-earlier period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin declined to 0.1% from 0.6% in the year-earlier period.

Total revenue climbed 15.4% year over year to €4.17 billion from €3.61 billion, and total operating expenses climbed 17.0% year over year to €4.17 billion from €3.56 billion.

Reported net income totaled a loss of €34.0 million, or a loss of 17 cents per share, compared to a loss of €69.0 million, or a loss of 33 cents per share, in the year-earlier period.

For the year, the company's normalized net income totaled €3.35 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of €3.54.

EPS rose 21.8% from €2.75 in the prior year.

Normalized net income was €675.9 million, a rise of 17.6% from €574.6 million in the prior year.

Full-year total revenue grew 16.4% from the prior-year period to €16.91 billion from €14.53 billion, and total operating expenses grew 16.6% year over year to €15.80 billion from €13.56 billion.

The company said reported net income rose 21.9% year over year to €680.0 million, or €3.37 per share, in the full year, from €558.0 million, or €2.67 per share.