Adidas shares soar on profit and revenue target rise

The new boss of Adidas increased sales and profit targets yesterday, sending shares in the German sportswear firm to a record high as he pledged to keep investing heavily in the key US market and do more to boost ecommerce sales.

The more ambitious targets will maintain a squeeze on US rivals Nike and Under Armour, which have both been losing sales to the German brand in their home market, where Adidas’s retro Superstar was the top-selling shoe of 2016.

“We are still in catch-up mode in north America”, chief executive Kasper Rorsted told journalists, saying that the US accounts for a third of global sportswear sales but is the only market where Adidas significantly lags Nike.