German sporting goods company Adidas aims to grow sales to €17bn (£14.6bn) by 2015 as it strives to overtake market leader Nike.
“Our aspirations are to outperform total market growth... to outgrow our major competitor and have the bottom line grow faster than the top line,” chief executive Herbert Hainer said yesterday in a presentation to analysts at the company’s headquarters in Herzogenaurach, Germany.
Last week, Adidas reported strong third-quarter results, lifted by US and eastern European growth, and said it expected 2010 sales to grow by 8 eight per cent at constant currency rates from €10.4bn in 2009. Nike recorded sales of $19bn in its year to May 2010.
Adidas, the world number two, said its key growth markets would be North America, Greater China, Russia/CIS, Latin America, Japan, Britain and India.
Under the new strategic plan, named “Route 2015”, Adidas is targeting a compound annual earnings growth rate of 15 per cent, faster than sales growth, and an operating margin of 11 per cent by 2015 at the latest.
Hainer said its Adidas and Reebok brands would account for more than 90 per cent of the planned 45-50 per cent increase in sales.