Adidas' share price has jumped over seven per cent in morning trading after the company posted income growth over the €1bn (£870m) mark and increased its income guidance.
In Western Europe, Adidas' biggest market, sales increased by 17 per cent in 2016, growing to €5.29bn from €4.54bn the year before.
Net income for the group jumped 51.2 per cent from €640m to €1.02bn.
Sales in North America grew 24 per cent, up from €2.75bn to €3.41bn, and in China, sales were up 22 per cent, rising from €2.47bn to €3.01bn.
The retailer also increased its income guidance, saying that net income will grow by between 20 per cent and 22 per cent per year over the next five years (previously, it was aiming for 15 per cent growth on average).
Why it's interesting
German retailer Adidas, which is listed on the Frankfurt stock exchange, is fighting fit after welcoming its new chief executive, Kasper Rorsted, to the company in October last year.
It's been full-steam ahead for Rorsted, as he published ambitious plans for the group today, seeking to accelerate Adidas' growth strategy, and quadruple e-commerce revenues by 2020 (online revenues are currently €1bn).
What Adidas said
Rorsted said: "2016 was an exceptional year for Adidas. We have improved the desirability of our brands and products around the globe.
"As a consequence, we were able to increase revenues strongly and achieve a record net income of more than €1bn for the first time in the history of our company...Building on our 2016 performance, our momentum continues and we will again achieve strong top- and bottom-line improvements in 2017."