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Adidas reiterated its financial targets for 2017 after the world’s second largest sportswear company posted better than expected first quarter results.

In the three months to the end of March, the German group, which vies with Nike for dominance in the global sportswear market, said net profit jumped 30 per cent to €455m. Analysts had expected €421m, according to a Reuters poll.

Sales rose 19 per cent to €5.7bn, with revenues growing fastest in North America, where they were up 31 per cent, and Greater China, where they were up 30 per cent.

Kasper Rorsted, who succeeded Herbert Hainer as chief executive last year, said that Adidas had had a “strong” start to the year.

“As consumer demand for our products was strong across the world, we were again able to significantly improve our profitability despite ongoing currency headwinds,” he said.

“Building on this performance, we are confirming our full-year guidance. We aim to deliver double-digit revenue growth and an over-proportionate profitability increase in 2017 yet again.”

Adidas expects sales to grow between 11 and 13 per cent, and net profit to rise between 18 and 20 per cent.

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