Adidas has raised its outlook for full-year sales and profits as it reported better than expected quarterly results helped by a recovering US business and strong China sales despite a slowdown.
It said it expects currency-neutral sales to increase at a high-single-digit rate, compared to a previous forecast for a mid single-digit rate.
Net income from continuing operations excluding goodwill impairment should increase by around 10% compared to a previous 7-10% target.
The German sportswear company said third-quarter sales of €4.76 billion were up 18%, beating an average analyst forecast for €4.5 billion and accelerating from 5% the previous quarter.
The world's second-biggest sportswear firm said currency-neutral sales in North America - where it has been spending heavily on marketing as it attempts to break the stranglehold of rival Nike - rose 6%, after a flat first half.
Adidas said it would further increase spending on marketing in the fourth quarter to build on current momentum.
The company's TaylorMade golf business - which it has said it could consider selling due to the sport's declining popularity - also saw revenues rise a currency-neutral 6%, driven by double-digit growth in North America.
Adidas said it was continuing to streamline the TaylorMade business and would cut its global staff by 14% by the end of the year.
It said this would hit group profitability by a low double-digit million euro amount in the fourth quarter.
"The investments into our brands and a leaner golf organisation will directly fuel next year's top- and bottom-line performance and set us up for sustainable profitability improvements from 2016 onwards," the company's chief executive Herbert Hainer said.
Adidas said sales in Greater China rose a currency-neutral 15%, only slightly down from the 19% growth seen in the previous quarter.
