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Kasper Rorsted, CEO, Adidas, is confident the sportwear manufacturer will record strong revenue growth in 2018, despite falling sales in the basketball and football segments and the general slowdown forecast in Europe due to Brexit.
Rorsted told Bloomberg media during a recent interview in Davos, Switzerland, at the occasion of the World Economic Forum that he expects the Company to benefit “exceptional growth” in China and a “very strong” economy in the U.S.
Adidas recorded a decline in its growth rate, as sales advanced at less than half the speed of the prior quarter in the three months through September 2017. Nevertheless, Rorsted aims to increase the sportswear manufacturer’s market share in the U.S. to 20% and says the Company’s turnaround plan for Reebok, which may take as long as four years, will have to shift from store closures to boosting sales and profitability.
Adidas, which is to publish its annual earnings report in March this year, expects sales to rise 17-19% in 2017, adjusted for currency swings, and says it seeks to increase its revenue to around €26 billion by 2020.