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A share price goal for Adidas this morning.

The German sports retailer and Manchester United sponsor has shot to the top of Europe’s Stoxx 600 this morning, with shares rising more than 8 per cent after the company reported strong results for 2016 and upped its guidance for the coming years.

Adidas is currently battling Nike for market share in the US under new chief executive Kasper Rorsted. Sales in North America were up 24 per cent last year on a currency neutral basis, making it the German retailer’s fastest growing market after China, where sales rose 27.5 per cent last year.

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