This morning, Adidas reported fourth-quarter currency neutral (CN) revenue growth of 18%, with the Adidas core brand up 22%.
Nike Inc. (NYSE: NKE) was the worst performing Dow stock in 2016 due to the emergence of its rivals Under Armour Inc. (NYSE: UAA) and Adidas.
Wedbush recently released a report detailing a clear shift to Adidas from Nike.
With Adidas updating its long-term growth targets (10% to 12% CAGR in CN sales, 20% to 22% CAGR in net income) through 2020, it is clear Adidas has momentum moving forward.
To Wedbush, Nike generally lacks new innovation against a consumer preference that is largely skewed toward retro and fashion styles of footwear.
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How Adidas Is Keeping Up Pressure on Nike and Under Armour
Nike has set a target to reach $7 billion in ecommerce sales by 2020, out of expected total revenue of $50 billion.
On Tuesday, Adidas said it has appointed Harm Ohlmeyer, head of the group’s global ecommerce business, as new finance chief from May 12, replacing Robin Stalker.
Adidas more than doubled its share of the U.S. athletic footwear market to 10% in January, but remained far behind Nike on 45%, according to market data firm NPD.
How Adidas Is Keeping Up the Pressure on Nike and Under ArmourThe new boss of Adidas increased sales and profit targets on Wednesday, sending shares in the German sportswear firm to a record high as he pledged to keep investing heavily in the key U.S. market and do more to boost ecommerce sales.
For 2017, Adidas forecast currency-neutral sales growth of between 11% and 13% and net income to rise by as much as a fifth to a level up to 1.22 billion euros, ahead of the 1.13 billion euros expected by analysts.
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collected by :Victor Alphen