Adidas has put its shock summer profit warning behind it with profits soaring as the German sportswear business focused its attentions on six key cities; London, New York, Los Angeles, Paris, Shanghai and Tokyo.
The company lost out last year to rivals Nike and Under Armour, but revealed sales jumped 17% to €4.1 billion (£3 billion) with operating profits in the three months to the end of March rising 12% to €345 million.
Chief executive Herbert Hainer, who is set to be replaced after the poor performance, recently set out a five-year plan with particular focus on winning back customers in the US.
Bosses said running shoes and casual street trainers were particularly popular as adidas, advertised by singer Katy Perry increased its marketing budget by 26% to €554 million in the period, with particular focus on the six cities.
“We got off to a successful start to the year with our adidas and Reebok brands enjoying great momentum,” Hainer said.
