Adidas exceeds sales, profit expectations in Q1

German shoe and sportswear company adidas on Thursday reported sales and profit increase in the first quarter of 2017.

Currency-neutral revenues increased by 16 percent, sales were up 19 percent to 5.671 billion euros (6.21 billion U.S. dollars). Net income grew by 30 percent to 455 million euros.

The growth rate of the world's second largest sport apparel firm exceeded the average forecasts of 421 million euros net profit and 5.4 billion euros in sales.

Adidas reported that the good start into 2017 is a result of particularly strong growth in e-commerce, where revenues went up by 53 percent, and increased growth -- especially in North America and China, where sales went up by 31 and 30 percent respectively.

Adidas CEO Kasper Rorsted spoke of a "strong start into the year," with double-digit sales increases for the two major brands adidas and Reebok as well as in all key markets.

Adidas confirmed their positive outlook for the financial year 2017, expecting sales to increase between 11 and 13 percent.