Timeframe
Revenue by product category
Revenue by product categoryTable view
Earnings release date | Footwear | Apparel | Accessories | Net sales | Total |
|---|---|---|---|---|---|
Earnings release date:30 Jul. 26 | Footwear: 3,492,000,000 €-5.6% vs. previous quarter | Apparel: 2,721,000,000 €+11.4% vs. previous quarter | Accessories: 530,000,000 €+17.5% vs. previous quarter | Net sales: – | Total: 6,743,000,000 €+2.3% vs. previous quarter |
Earnings release date:29 Apr. 26 | Footwear: 3,699,000,000 €+14.0% vs. previous quarter | Apparel: 2,442,000,000 €+2.4% vs. previous quarter | Accessories: 451,000,000 €+0.9% vs. previous quarter | Net sales: – | Total: 6,592,000,000 €+8.5% vs. previous quarter |
Earnings release date:04 Mar. 26 | Footwear: 3,245,000,000 € | Apparel: 2,384,000,000 € | Accessories: 447,000,000 € | Net sales: – | Total: 6,076,000,000 €-8.4% vs. previous quarter |
Earnings release date:29 Oct. 25 | Footwear: – | Apparel: – | Accessories: – | Net sales: 6,630,000,000 €+11.4% vs. previous quarter | Total: 6,630,000,000 €+11.4% vs. previous quarter |
Earnings release date:30 Jul. 25 | Footwear: – | Apparel: – | Accessories: – | Net sales: 5,952,000,000 €-3.3% vs. previous quarter | Total: 5,952,000,000 €-3.3% vs. previous quarter |
Earnings release date:29 Apr. 25 | Footwear: – | Apparel: – | Accessories: – | Net sales: 6,153,000,000 €+3.2% vs. previous quarter | Total: 6,153,000,000 €+3.2% vs. previous quarter |
Earnings release date:05 Mar. 25 | Footwear: – | Apparel: – | Accessories: – | Net sales: 5,965,000,000 €-7.3% vs. previous quarter | Total: 5,965,000,000 €-7.3% vs. previous quarter |
Earnings release date:29 Oct. 24 | Footwear: – | Apparel: – | Accessories: – | Net sales: 6,438,000,000 €+10.6% vs. previous quarter | Total: 6,438,000,000 €+10.6% vs. previous quarter |
Earnings release date:31 Jul. 24 | Footwear: – | Apparel: – | Accessories: – | Net sales: 5,822,000,000 €+6.7% vs. previous quarter | Total: 5,822,000,000 €+6.7% vs. previous quarter |
Earnings release date:30 Apr. 24 | Footwear: – | Apparel: – | Accessories: – | Net sales: 5,458,000,000 €+13.4% vs. previous quarter | Total: 5,458,000,000 €+13.4% vs. previous quarter |
Earnings release date:13 Mar. 24 | Footwear: – | Apparel: – | Accessories: – | Net sales: 4,812,000,000 €-19.8% vs. previous quarter | Total: 4,812,000,000 €-19.8% vs. previous quarter |
Earnings release date:08 Nov. 23 | Footwear: – | Apparel: – | Accessories: – | Net sales: 5,999,000,000 €+12.3% vs. previous quarter | Total: 5,999,000,000 €+12.3% vs. previous quarter |
Earnings release date:03 Aug. 23 | Footwear: – | Apparel: – | Accessories: – | Net sales: 5,343,000,000 €+1.3% vs. previous quarter | Total: 5,343,000,000 €+1.3% vs. previous quarter |
Earnings release date:05 May. 23 | Footwear: – | Apparel: – | Accessories: – | Net sales: 5,274,000,000 €+1.3% vs. previous quarter | Total: 5,274,000,000 €+1.3% vs. previous quarter |
Earnings release date:08 Mar. 23 | Footwear: – | Apparel: – | Accessories: – | Net sales: 5,205,000,000 €-18.8% vs. previous quarter | Total: 5,205,000,000 €-18.8% vs. previous quarter |
Earnings release date:09 Nov. 22 | Footwear: – | Apparel: – | Accessories: – | Net sales: 6,408,000,000 €+14.5% vs. previous quarter | Total: 6,408,000,000 €+14.5% vs. previous quarter |
Earnings release date:04 Aug. 22 | Footwear: – | Apparel: – | Accessories: – | Net sales: 5,596,000,000 € | Total: 5,596,000,000 € |
Revenue by geographic location
Revenue by geographic locationTable view
Earnings release date | EMEA | North America | Greater China | Asia-Pacific | Latin America | Europe | Emerging Markets | Japan/South Korea | Other | Total |
|---|---|---|---|---|---|---|---|---|---|---|
Earnings release date:30 Jul. 26 | EMEA: – | North America: 1,522,000,000 €+26.8% vs. previous quarter | Greater China: 953,000,000 €-16.0% vs. previous quarter | Asia-Pacific: – | Latin America: 907,000,000 €+9.1% vs. previous quarter | Europe: 2,108,000,000 €+0.9% vs. previous quarter | Emerging Markets: 848,000,000 €-2.4% vs. previous quarter | Japan/South Korea: 376,000,000 €-7.2% vs. previous quarter | Other: 29,000,000 €-53.2% vs. previous quarter | Total: 6,743,000,000 €+2.3% vs. previous quarter |
Earnings release date:29 Apr. 26 | EMEA: – | North America: 1,200,000,000 €-5.2% vs. previous quarter | Greater China: 1,135,000,000 €+33.8% vs. previous quarter | Asia-Pacific: – | Latin America: 831,000,000 €-0.5% vs. previous quarter | Europe: 2,090,000,000 €+14.5% vs. previous quarter | Emerging Markets: 869,000,000 €-7.8% vs. previous quarter | Japan/South Korea: 405,000,000 €+27.0% vs. previous quarter | Other: 62,000,000 €+55.0% vs. previous quarter | Total: 6,592,000,000 €+8.5% vs. previous quarter |
Earnings release date:04 Mar. 26 | EMEA: – | North America: 1,266,000,000 €-2.5% vs. previous quarter | Greater China: 848,000,000 €-10.5% vs. previous quarter | Asia-Pacific: – | Latin America: 835,000,000 €+16.0% vs. previous quarter | Europe: 1,825,000,000 €-21.6% vs. previous quarter | Emerging Markets: 943,000,000 €+0.9% vs. previous quarter | Japan/South Korea: 319,000,000 €-10.9% vs. previous quarter | Other: 40,000,000 €-9.1% vs. previous quarter | Total: 6,076,000,000 €-8.4% vs. previous quarter |
Earnings release date:29 Oct. 25 | EMEA: – | North America: 1,298,000,000 €-3.1% vs. previous quarter | Greater China: 947,000,000 €+18.7% vs. previous quarter | Asia-Pacific: – | Latin America: 720,000,000 €+7.0% vs. previous quarter | Europe: 2,328,000,000 €+16.6% vs. previous quarter | Emerging Markets: 935,000,000 €+22.7% vs. previous quarter | Japan/South Korea: 358,000,000 €+0.8% vs. previous quarter | Other: 44,000,000 €+57.1% vs. previous quarter | Total: 6,630,000,000 €+11.4% vs. previous quarter |
Earnings release date:30 Jul. 25 | EMEA: – | North America: 1,339,000,000 €+13.1% vs. previous quarter | Greater China: 798,000,000 €-22.4% vs. previous quarter | Asia-Pacific: – | Latin America: 673,000,000 €-3.6% vs. previous quarter | Europe: 1,997,000,000 €+0.6% vs. previous quarter | Emerging Markets: 762,000,000 €-12.4% vs. previous quarter | Japan/South Korea: 355,000,000 €-5.1% vs. previous quarter | Other: 28,000,000 €+133.3% vs. previous quarter | Total: 5,952,000,000 €-3.3% vs. previous quarter |
Earnings release date:29 Apr. 25 | EMEA: – | North America: 1,184,000,000 €-11.8% vs. previous quarter | Greater China: 1,029,000,000 €+29.6% vs. previous quarter | Asia-Pacific: – | Latin America: 698,000,000 €-13.5% vs. previous quarter | Europe: 1,986,000,000 €+13.2% vs. previous quarter | Emerging Markets: 870,000,000 €-7.4% vs. previous quarter | Japan/South Korea: 374,000,000 €+17.6% vs. previous quarter | Other: 12,000,000 €+20.0% vs. previous quarter | Total: 6,153,000,000 €+3.2% vs. previous quarter |
Earnings release date:05 Mar. 25 | EMEA: – | North America: 1,342,000,000 €-1.5% vs. previous quarter | Greater China: 794,000,000 €-16.1% vs. previous quarter | Asia-Pacific: – | Latin America: 807,000,000 €+19.2% vs. previous quarter | Europe: 1,754,000,000 €-18.5% vs. previous quarter | Emerging Markets: 940,000,000 €+3.3% vs. previous quarter | Japan/South Korea: 318,000,000 €-11.9% vs. previous quarter | Other: 10,000,000 €-66.7% vs. previous quarter | Total: 5,965,000,000 €-7.3% vs. previous quarter |
Earnings release date:29 Oct. 24 | EMEA: – | North America: 1,362,000,000 €+4.6% vs. previous quarter | Greater China: 946,000,000 €+15.1% vs. previous quarter | Asia-Pacific: – | Latin America: 677,000,000 €+0.6% vs. previous quarter | Europe: 2,152,000,000 €+12.6% vs. previous quarter | Emerging Markets: 910,000,000 €+21.5% vs. previous quarter | Japan/South Korea: 361,000,000 €+12.5% vs. previous quarter | Other: 30,000,000 €-30.2% vs. previous quarter | Total: 6,438,000,000 €+10.6% vs. previous quarter |
Earnings release date:31 Jul. 24 | EMEA: – | North America: 1,302,000,000 €+16.0% vs. previous quarter | Greater China: 822,000,000 €-8.4% vs. previous quarter | Asia-Pacific: – | Latin America: 673,000,000 €+9.4% vs. previous quarter | Europe: 1,912,000,000 €+10.3% vs. previous quarter | Emerging Markets: 749,000,000 €+5.2% vs. previous quarter | Japan/South Korea: 321,000,000 €-5.3% vs. previous quarter | Other: 43,000,000 €+7.5% vs. previous quarter | Total: 5,822,000,000 €+6.7% vs. previous quarter |
Earnings release date:30 Apr. 24 | EMEA: – | North America: 1,122,000,000 €-3.2% vs. previous quarter | Greater China: 897,000,000 €+33.9% vs. previous quarter | Asia-Pacific: – | Latin America: 615,000,000 €+28.4% vs. previous quarter | Europe: 1,733,000,000 € | Emerging Markets: 712,000,000 € | Japan/South Korea: 339,000,000 € | Other: 40,000,000 €-43.7% vs. previous quarter | Total: 5,458,000,000 €+13.4% vs. previous quarter |
Earnings release date:13 Mar. 24 | EMEA: 1,863,000,000 €-22.2% vs. previous quarter | North America: 1,159,000,000 €-21.9% vs. previous quarter | Greater China: 670,000,000 €-23.0% vs. previous quarter | Asia-Pacific: 570,000,000 €+0.5% vs. previous quarter | Latin America: 479,000,000 €-22.9% vs. previous quarter | Europe: – | Emerging Markets: – | Japan/South Korea: – | Other: 71,000,000 €+16.4% vs. previous quarter | Total: 4,812,000,000 €-19.8% vs. previous quarter |
Earnings release date:08 Nov. 23 | EMEA: 2,396,000,000 €+21.0% vs. previous quarter | North America: 1,484,000,000 €+6.1% vs. previous quarter | Greater China: 870,000,000 €+13.6% vs. previous quarter | Asia-Pacific: 567,000,000 €+3.1% vs. previous quarter | Latin America: 621,000,000 €+4.2% vs. previous quarter | Europe: – | Emerging Markets: – | Japan/South Korea: – | Other: 61,000,000 €+17.3% vs. previous quarter | Total: 5,999,000,000 €+12.3% vs. previous quarter |
Earnings release date:03 Aug. 23 | EMEA: 1,980,000,000 €-0.8% vs. previous quarter | North America: 1,399,000,000 €+18.9% vs. previous quarter | Greater China: 766,000,000 €-13.3% vs. previous quarter | Asia-Pacific: 550,000,000 €-3.0% vs. previous quarter | Latin America: 596,000,000 €+0.2% vs. previous quarter | Europe: – | Emerging Markets: – | Japan/South Korea: – | Other: 52,000,000 €-5.5% vs. previous quarter | Total: 5,343,000,000 €+1.3% vs. previous quarter |
Earnings release date:05 May. 23 | EMEA: 1,996,000,000 €-3.7% vs. previous quarter | North America: 1,177,000,000 €-23.6% vs. previous quarter | Greater China: 884,000,000 €+70.0% vs. previous quarter | Asia-Pacific: 567,000,000 €-6.4% vs. previous quarter | Latin America: 595,000,000 €+9.4% vs. previous quarter | Europe: – | Emerging Markets: – | Japan/South Korea: – | Other: 55,000,000 €+170.5% vs. previous quarter | Total: 5,274,000,000 €+1.3% vs. previous quarter |
Earnings release date:08 Mar. 23 | EMEA: 2,073,000,000 €-15.8% vs. previous quarter | North America: 1,540,000,000 €-12.0% vs. previous quarter | Greater China: 520,000,000 €-44.5% vs. previous quarter | Asia-Pacific: 606,000,000 €+4.7% vs. previous quarter | Latin America: 544,000,000 €-14.1% vs. previous quarter | Europe: – | Emerging Markets: – | Japan/South Korea: – | Other: -78,000,000 €-269.6% vs. previous quarter | Total: 5,205,000,000 €-18.8% vs. previous quarter |
Earnings release date:09 Nov. 22 | EMEA: 2,463,000,000 €+18.5% vs. previous quarter | North America: 1,750,000,000 €+2.6% vs. previous quarter | Greater China: 937,000,000 €+30.3% vs. previous quarter | Asia-Pacific: 579,000,000 €+5.3% vs. previous quarter | Latin America: 633,000,000 €+23.2% vs. previous quarter | Europe: – | Emerging Markets: – | Japan/South Korea: – | Other: 46,000,000 €+64.3% vs. previous quarter | Total: 6,408,000,000 €+14.5% vs. previous quarter |
Earnings release date:04 Aug. 22 | EMEA: 2,079,000,000 € | North America: 1,706,000,000 € | Greater China: 719,000,000 € | Asia-Pacific: 550,000,000 € | Latin America: 514,000,000 € | Europe: – | Emerging Markets: – | Japan/South Korea: – | Other: 28,000,000 € | Total: 5,596,000,000 € |
Operating expenses
Operating expensesTable view
Earnings release date | Cost of sales | Marketing and point-of-sale expenses | Operating overhead expenses | Total |
|---|---|---|---|---|
Earnings release date:30 Jul. 26 | Cost of sales: 3,203,000,000 €-0.6% vs. previous quarter | Marketing and point-of-sale expenses: 924,000,000 €+22.2% vs. previous quarter | Operating overhead expenses: 2,059,000,000 €+6.9% vs. previous quarter | Total: 6,186,000,000 €+4.7% vs. previous quarter |
Earnings release date:29 Apr. 26 | Cost of sales: 3,223,000,000 €+7.9% vs. previous quarter | Marketing and point-of-sale expenses: 756,000,000 €-8.1% vs. previous quarter | Operating overhead expenses: 1,927,000,000 €-10.0% vs. previous quarter | Total: 5,906,000,000 €-0.8% vs. previous quarter |
Earnings release date:04 Mar. 26 | Cost of sales: 2,988,000,000 €-6.5% vs. previous quarter | Marketing and point-of-sale expenses: 823,000,000 €+3.1% vs. previous quarter | Operating overhead expenses: 2,142,000,000 €+10.2% vs. previous quarter | Total: 5,953,000,000 €+0.3% vs. previous quarter |
Earnings release date:29 Oct. 25 | Cost of sales: 3,195,000,000 €+11.1% vs. previous quarter | Marketing and point-of-sale expenses: 798,000,000 €+12.1% vs. previous quarter | Operating overhead expenses: 1,943,000,000 €+5.8% vs. previous quarter | Total: 5,936,000,000 €+9.4% vs. previous quarter |
Earnings release date:30 Jul. 25 | Cost of sales: 2,875,000,000 €-2.5% vs. previous quarter | Marketing and point-of-sale expenses: 712,000,000 €-4.6% vs. previous quarter | Operating overhead expenses: 1,837,000,000 €-1.8% vs. previous quarter | Total: 5,424,000,000 €-2.5% vs. previous quarter |
Earnings release date:29 Apr. 25 | Cost of sales: 2,948,000,000 €-1.6% vs. previous quarter | Marketing and point-of-sale expenses: 746,000,000 €-1.1% vs. previous quarter | Operating overhead expenses: 1,870,000,000 €-16.4% vs. previous quarter | Total: 5,564,000,000 €-7.1% vs. previous quarter |
Earnings release date:05 Mar. 25 | Cost of sales: 2,995,000,000 €-4.5% vs. previous quarter | Marketing and point-of-sale expenses: 754,000,000 €+4.1% vs. previous quarter | Operating overhead expenses: 2,238,000,000 €+5.9% vs. previous quarter | Total: 5,987,000,000 €+0.2% vs. previous quarter |
Earnings release date:29 Oct. 24 | Cost of sales: 3,137,000,000 €+9.6% vs. previous quarter | Marketing and point-of-sale expenses: 724,000,000 €+2.4% vs. previous quarter | Operating overhead expenses: 2,114,000,000 €+9.5% vs. previous quarter | Total: 5,975,000,000 €+8.6% vs. previous quarter |
Earnings release date:31 Jul. 24 | Cost of sales: 2,863,000,000 €+7.6% vs. previous quarter | Marketing and point-of-sale expenses: 707,000,000 €+7.6% vs. previous quarter | Operating overhead expenses: 1,930,000,000 €+5.9% vs. previous quarter | Total: 5,500,000,000 €+7.0% vs. previous quarter |
Earnings release date:30 Apr. 24 | Cost of sales: 2,662,000,000 €-0.1% vs. previous quarter | Marketing and point-of-sale expenses: 657,000,000 €-1.4% vs. previous quarter | Operating overhead expenses: 1,822,000,000 €-3.3% vs. previous quarter | Total: 5,141,000,000 €-1.4% vs. previous quarter |
Earnings release date:13 Mar. 24 | Cost of sales: 2,664,000,000 €-12.5% vs. previous quarter | Marketing and point-of-sale expenses: 666,000,000 €+3.4% vs. previous quarter | Operating overhead expenses: 1,885,000,000 €-2.1% vs. previous quarter | Total: 5,215,000,000 €-7.1% vs. previous quarter |
Earnings release date:08 Nov. 23 | Cost of sales: 3,044,000,000 €+16.0% vs. previous quarter | Marketing and point-of-sale expenses: 644,000,000 €+4.4% vs. previous quarter | Operating overhead expenses: 1,926,000,000 €-2.0% vs. previous quarter | Total: 5,614,000,000 €+7.8% vs. previous quarter |
Earnings release date:03 Aug. 23 | Cost of sales: 2,625,000,000 €-9.8% vs. previous quarter | Marketing and point-of-sale expenses: 617,000,000 €+2.7% vs. previous quarter | Operating overhead expenses: 1,965,000,000 €+11.3% vs. previous quarter | Total: 5,207,000,000 €-1.3% vs. previous quarter |
Earnings release date:05 May. 23 | Cost of sales: 2,911,000,000 €-8.2% vs. previous quarter | Marketing and point-of-sale expenses: 601,000,000 €-21.6% vs. previous quarter | Operating overhead expenses: 1,766,000,000 €-14.2% vs. previous quarter | Total: 5,278,000,000 €-12.0% vs. previous quarter |
Earnings release date:08 Mar. 23 | Cost of sales: 3,170,000,000 €-2.8% vs. previous quarter | Marketing and point-of-sale expenses: 767,000,000 €+11.0% vs. previous quarter | Operating overhead expenses: 2,058,000,000 €+3.7% vs. previous quarter | Total: 5,995,000,000 €+1.0% vs. previous quarter |
Earnings release date:09 Nov. 22 | Cost of sales: 3,262,000,000 €+17.3% vs. previous quarter | Marketing and point-of-sale expenses: 691,000,000 €+4.2% vs. previous quarter | Operating overhead expenses: 1,985,000,000 €+8.0% vs. previous quarter | Total: 5,938,000,000 €+12.4% vs. previous quarter |
Earnings release date:04 Aug. 22 | Cost of sales: 2,781,000,000 € | Marketing and point-of-sale expenses: 663,000,000 € | Operating overhead expenses: 1,838,000,000 € | Total: 5,282,000,000 € |
Profitability
ProfitabilityTable view
Earnings release date | Net income (shareholders) |
|---|---|
Earnings release date:30 Jul. 26 | Net income (shareholders): 355,000,000 €-26.3% vs. previous quarter |
Earnings release date:29 Apr. 26 | Net income (shareholders): 482,000,000 €+495.1% vs. previous quarter |
Earnings release date:04 Mar. 26 | Net income (shareholders): 81,000,000 €-82.4% vs. previous quarter |
Earnings release date:29 Oct. 25 | Net income (shareholders): 461,000,000 €+24.6% vs. previous quarter |
Earnings release date:30 Jul. 25 | Net income (shareholders): 370,000,000 €-13.6% vs. previous quarter |
Earnings release date:29 Apr. 25 | Net income (shareholders): 428,000,000 €+1197.4% vs. previous quarter |
Earnings release date:05 Mar. 25 | Net income (shareholders): -39,000,000 €-108.8% vs. previous quarter |
Earnings release date:29 Oct. 24 | Net income (shareholders): 443,000,000 €+133.2% vs. previous quarter |
Earnings release date:31 Jul. 24 | Net income (shareholders): 190,000,000 €+11.8% vs. previous quarter |
Earnings release date:30 Apr. 24 | Net income (shareholders): 170,000,000 €+144.9% vs. previous quarter |
Earnings release date:13 Mar. 24 | Net income (shareholders): -379,000,000 €-246.3% vs. previous quarter |
Earnings release date:08 Nov. 23 | Net income (shareholders): 259,000,000 €+208.3% vs. previous quarter |
Earnings release date:03 Aug. 23 | Net income (shareholders): 84,000,000 €+315.4% vs. previous quarter |
Earnings release date:05 May. 23 | Net income (shareholders): -39,000,000 €+92.4% vs. previous quarter |
Earnings release date:08 Mar. 23 | Net income (shareholders): -512,000,000 €-247.6% vs. previous quarter |
Earnings release date:09 Nov. 22 | Net income (shareholders): 347,000,000 €+18.0% vs. previous quarter |
Earnings release date:04 Aug. 22 | Net income (shareholders): 294,000,000 € |
Profit margin in %
Profit margin in %Table view
Earnings release date | Profit margin (shareholders) |
|---|---|
Earnings release date:30 Jul. 26 | Profit margin (shareholders): 5.26 %-2.0 pp vs. previous quarter |
Earnings release date:29 Apr. 26 | Profit margin (shareholders): 7.31 %+6.0 pp vs. previous quarter |
Earnings release date:04 Mar. 26 | Profit margin (shareholders): 1.33 %-5.6 pp vs. previous quarter |
Earnings release date:29 Oct. 25 | Profit margin (shareholders): 6.95 %+0.7 pp vs. previous quarter |
Earnings release date:30 Jul. 25 | Profit margin (shareholders): 6.22 %-0.7 pp vs. previous quarter |
Earnings release date:29 Apr. 25 | Profit margin (shareholders): 6.96 %+7.6 pp vs. previous quarter |
Earnings release date:05 Mar. 25 | Profit margin (shareholders): -0.65 %-7.5 pp vs. previous quarter |
Earnings release date:29 Oct. 24 | Profit margin (shareholders): 6.88 %+3.6 pp vs. previous quarter |
Earnings release date:31 Jul. 24 | Profit margin (shareholders): 3.26 %+0.1 pp vs. previous quarter |
Earnings release date:30 Apr. 24 | Profit margin (shareholders): 3.11 %+11.0 pp vs. previous quarter |
Earnings release date:13 Mar. 24 | Profit margin (shareholders): -7.88 %-12.2 pp vs. previous quarter |
Earnings release date:08 Nov. 23 | Profit margin (shareholders): 4.32 %+2.7 pp vs. previous quarter |
Earnings release date:03 Aug. 23 | Profit margin (shareholders): 1.57 %+2.3 pp vs. previous quarter |
Earnings release date:05 May. 23 | Profit margin (shareholders): -0.74 %+9.1 pp vs. previous quarter |
Earnings release date:08 Mar. 23 | Profit margin (shareholders): -9.84 %-15.3 pp vs. previous quarter |
Earnings release date:09 Nov. 22 | Profit margin (shareholders): 5.42 %+0.2 pp vs. previous quarter |
Earnings release date:04 Aug. 22 | Profit margin (shareholders): 5.25 % |