Adidas aims to outgrow Nike

Adidas aims to outgrow Nike
Photo: DPA
German sports apparel giant Adidas laid down a three-striped gauntlet to US archrival Nike on Monday, saying it aimed to outgrow the world number one over the next five years.

The company said that by 2015 annual sales would reach €17 billion ($24

billion), representing growth of 45-50 percent from 2009. Profits, meanwhile, would grow an at annual pace of 15 percent.

“From 2001 to 2010, our sales will have doubled to well over €11 billion. Our net income over this same period will have almost tripled,” chief executive Herbert Hainer said.

“Therefore, we are now well prepared to enter our next growth phase based on our mission to be the leading sporting goods company in the world.”

However, even if Adidas achieves its ambitious goals, Nike is still poised to retain its number one spot.

The US firm set out its own five-year plan in May, saying it aimed to grow revenues 40 percent by 2015 to around $27 billion (€19.4 billion), with average annual growth in net earnings in the mid-teens.

AFP/mry

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