Adidas Sees Higher Profit Growth as CEO Tries to Move Faster
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Adidas AG pledged to accelerate product development and shift spending to some of the world’s biggest cities as Chief Executive Officer Herbert Hainer starts his last attempt to revamp the ailing German athletic-goods company.
Adidas aims to win market share in New York, Paris and other global hubs, get new sneakers into stores more quickly and bring more athletes and designers into the fold. The company forecast currency-adjusted sales will grow by “high single digits” annually from next year through 2020 to top 22 billion euros ($24 billion). Profit will increase 15 percent on average each year over the period, it said.