Adidas on the trot with new-look shoes
Strong second-quarter results leave rival Nike in the dust and drive up the share more than 10%
Berlin — Adidas reported strong second-quarter results on Thursday, as its sales growth outpaced rival Nike in North America where new styles are proving popular even as the German company stagnated in Western Europe. Shares in the company famous for its three-stripe brand soared more than 10% to a four-month high, putting them on track for their best day since the group increased its financial guidance in March. Latest endorsement The results are the latest endorsement of a strategy pursued by CEO Kasper Rorsted since taking over in 2016, focused on improving profitability as well as expanding in North America and China and pushing sales via e-commerce. Some investors feared that Adidas would struggle as the popularity of its retro Stan Smith and Superstar shoes waned in the past 18 months. Promoted by singer Pharrell Williams, the Superstar was the top-selling shoe in the US market in 2016. But Rorsted said Adidas had managed the fashion cycle carefully, trying not to oversupply ...