Kanye West helped boost Adidas' fashion sales by 50 per cent - but the stock is down almost three per cent

 
Caitlin Morrison
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adidas + KANYE WEST New Partnership Announcement
Rapper Kanye West has been collaborating with Adidas since 2013 (Source: Getty)

Sportswear giant Adidas reported a jump in sales in what it described as an "outstanding performance" in the second quarter of 2016, as its collaboration with one of the world's most controversial rappers appears to be paying off.

The group increased net sales by 13.2 per cent, from €3.9bn (£3.3bn) in the second quarter of 2015 to €4.4bn.

Gross profit was up 14.3 per cent, to €2.2bn from €1.9bn, and basic earnings per share doubled to €1.45 from €0.75.

The German firm recorded its strongest growth in the quarter at the Originals fashion business, which saw sales soar 50 per cent, driven in part by sales of the Yeezy Boost sneakers designed by rapper Kanye West.

Adidas has been on a stellar run of late, with shares up 61 per cent this year, making the company the top performing German blue-chip - although the stock is down 2.8 per cent this afternoon. And just last week, the group increased its full-year guidance for a fourth time.

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"I am proud to confirm that we are in great shape," said chief executive Herbert Hainer.

"2016 will be a year of records for the Adidas group. But we will not stop there. In the years to come, we will continue to grow across all categories, channels and geographies and drive our profitability to new heights.”

The results come as Hainer prepares to hand over the reins to incoming boss Kasper Rorsted.

"The company is in very good hands with Kasper," Hainer said.

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