adidas CEO "confident" in race with Nike

Adidas vs. Nike May 2010

Adidas is not afraid of losing its footing in the heated competition with bigger rival Nike, the German sporting goods maker said on Monday, adding April sales were in line with the group's new 2010 targets. "I am not afraid of Nike. Will the gap grow? No," adidas chief executive Herbert Hainer told Reuters. Nike has said it expects revenue to rise more than 40% to $27bn by 2015, helped by new stores and demand for its signature brand and smaller niche brands. But the world's number two sports goods maker, meanwhile, raised its full-year outlook to €430m-€480m, helped by strong demand for its Reebok brand toning shoes and football (soccer) gear. adidas, which reported forecast-beating q1 results last month, reiterated it expected sales to rise in 2011 from 2010, as the upcoming football World Cup boosts demands for sports goods. "When you look at the last 10 years, we have always grown. In 2002 there was the World Cup in Japan and Korea, and in 2003 we had new record sales. In 2006 there was the World Cup in Germany, and we had new record sales in 2007," Hainer said on the sidelines of an adidas event in Milan. "Sales in 2011 will be higher than in 2010," he predicted. Hainer said its Reebok's EasyTone walking shoes were "more or less sold out" in most European countries such as the UK, Germany, France and Italy. He also said the group would achieve new record sales this year of over €1.3bn.