Adidas aims to outgrow Nike

23:08 | 08/11/2010
German sports apparel giant Adidas laid down a three-striped gauntlet to arch US rival 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 euros ($24 billion), representing growth of 45-50 per cent from 2009. Profits, meanwhile, would grow an at annual pace of 15 per cent.

"From 2001 to 2010, our sales will have doubled to well over 11 billion euros. 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 per cent by 2015 to around $27 billion (19.4 billion euros), with average annual growth in net earnings in the mid-teens.

AFP

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