FRANKFURT: Adidas said Thursday that it performed better than expected in 2015 and is confident for this year, even if the US market still appears to be something of an Achilles' heel for the German maker of sportshoes and equipment.
"Based on preliminary unaudited figures for 2015, the Adidas group exceeded its top- and bottom-line financial targets in the past financial year," it said in a statement.
In 2015, group sales grew by 16 percent to 16.9 billion euros ($19 billion), and "the strong top-line momentum was driven by double-digit sales growth in Western Europe, China and Latin America as well as the Middle East, Asia and Africa region," it said.
"Driven by the stellar operational performance," net profit climbed by 12 percent to 720 million euros, "despite a higher-than-expected tax rate," Adidas said.
Adidas also owns the Reebok brand, which it had originally hoped would help it keep up in the race in the key US market against arch-rival Nike.
But the German group has been overtaken there by upstart Under Armour.
Nevertheless, chief executive Herbert Hainer, who is to be succeeded by Kasper Rorsted later this year, insisted that Adidas was "in great shape."
He insisted Adidas experienced "accelerated momentum in North America and Western Europe during the fourth quarter as well as continued double-digit growth in most emerging markets including Greater China.
"In combination with the positive feedback from customers on our 2016 product line-up, this gives us every confidence that we will again grow the top and bottom line at a double-digit rate" in 2016, Hainer said.
"Against the background of the dynamic top-line momentum at the Adidas and Reebok brands and the group's strong order book, the company has increased its revenue guidance for 2016 and now expects group sales to grow at a double-digit rate," or at least 10 percent, he added.
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