Adidas said supply shortages for North America will be fixed by the end of the year and that the European market should return to growth, after the German sportswear company reported weaker-than-expected second-quarter sales and profits.

Adidas chief executive Kasper Rorsted distanced himself from comments about slavery by Kanye West but said the company has not discussed dropping the rapper as a designer.

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.

Shares in Adidas fell the most in four months as currency swings and in-store spending crimped profitability in the third quarter, even as the sports kit maker reported sales that met analysts’ estimates on sales in Europe, the US and China.

German sport-shoe maker Adidas forecast sales may rise at the fastest pace in five years as consumers spend more ahead of the Euro 2016 soccer tournament, setting up its incoming chief for a potentially better period than the company’s recent past.