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.
The boost was spurred by a marketing push in North America.
Adidas shares hit record highs on the news, before closing 0.9% higher on the Frankfurt stock market.
Sales in Greater China jumped by 31% compared with Nike’s 15% rise.
Overall, Adidas saw sales rise by 16%. Net profits in the three months to the end of March were up by 30% to 455m euros (£385m).
Online sales leapt by 53%.
Chief executive Kaspar Rorsted said: “We had a strong start into the year, with continued sales and earnings momentum.”
Adidas has done particularly well out of the popularity of retro-style trainers, a trend which has not benefitted Nike to the same extent.
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.
Reebok sales were boosted by growth in training wear and its retro Classics brand.
Adidas said it continued to expect sales in 2017 to increase at a rate of between 12% and 13%, helped by double digit growth in Western Europe, the US and Greater China.
Source: BBC News