For the first quarter of 2016, Adidas’ sales and profit revenues jumped 17% to €4.8 billion.
Bloomberg reported that the Adidas group has raised its full-year profit forecast for the second time in under three months. Projected profits have raised from 10-12% to 15-18%. The brand is also expecting a boost from this summer’s Euro 2016 football tournament.
This coupled with the revival of retro staples like the Superstars and Stan Smiths have helped Germany’s Adidas gain serious ground on US bigwigs Nike. A very lucrative collaboration with Kanye West on his covetable Yeezy shoe line also boosted sales.
Meanwhile, last month Nike said that it expected revenue to grow in the high single digits for the year ending May 2017, less than analysts had originally projected.
Adidas’ shares have increased by 7%, while Nike’s shares are down 5%.