May 4, 2017

Adidas shares hit a record high after firm sees sales jump

German sportswear firm Adidas has reported a big leap in sales in the US, outpacing gains by its American rival Nike. Stripping out currency changes, Adidas sales rose by 31% in the first quarter, compared with Nike's rise of 3% for the three months to the end of February. Adidas shares reached a record high on the Frankfurt stock market, rising more than 2% before easing back. Overall, Adidas saw sales rise by 16%. Chief executive Kaspar Rorsted said: "We had a strong start into the year, with continued sales and earnings momentum." Sales of the group's Adidas and Reebok brands grew in all markets except Russia, where "Challenging consumer sentiment as well as additional store closures" meant sales fell by 10%. Adidas growth was driven by a rise in running and outdoor products, as well as Adidas Originals and adidas neo which are designed for casual wear.

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