Shares in Adidas rose to a record high on Thursday after the German sportswear firm reported a bigger than expected increase in first-quarter sales and profits, outpacing rival Nike in North America and China and growing fast online.
After losing ground to its U.S. rival for years, Adidas launched a big marketing drive in the United States to challenge Nike on its home turf, prompting consumers to snap up its Boost running shoes and retro styles such as Superstars.
Quarterly net profit rose 30% to 455 million euros ($496 million) on sales up 19% to 5.67 billion euros, beating average analyst forecasts.
Adidas shares, which have already risen two-thirds over the last year to trade at a big premium to Nike, were up 1.5% at 184.95 euros at 9:52 a.m. GMT after hitting a record high of 188.95 earlier on Thursday.
Adidas (addyy, +1.97%), led since last October by Chief Executive Kaspar Rorsted, confirmed its 2017 forecast for sales growth of between 11% and 13% after accounting for currency fluctuations and net income to rise by as much as a fifth.
“This implicitly suggests a slowdown in…