March 8, 2017 / 6:34 AM / 8 months ago

New Adidas CEO targets faster sales, profit growth

HERZOGENAURACH, March 8 (Reuters) - The new boss of Adidas hiked sales and profit targets for the German sportwear firm on Wednesday and announced plans to increase ecommerce sales, simplify business processes and keep investing heavily in the key U.S. market.

Kasper Rorsted, the former chief executive of consumer goods firm Henkel who took over in October, said he was adding goals to an existing 2015-2020 strategic plan, putting more focus on company culture, ecommerce and efficency.

Adidas now expects currency-neutral revenues to rise between 10 and 12 percent on average between 2015 and 2020, up from a previous target for a “high-single-digit rate”, while net income should grow between 20 and 22 percent, up from 15 percent.

Adidas also reported a fourth-quarter net loss of 10 million euros ($11 million) on sales up 12.5 percent to 4.69 billion euros, in line with most analyst forecasts. ($1 = 0.9467 euros) (Reporting by Emma Thomasson; Editing by Georgina Prodhan)

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