German sportswear company Adidas raised its outlook for full-year sales and profitability as demand soared in most of the world but took a hit in China where Western brands faced a boycott of their products in late March. The brand now expects 2021 sales to grow up to 20 per cent, compared to a previous forecast for a "high-teens percentage rate", and for net income from continuing operations to reach 1.4-1.5 billion euros, up from a previous 1.25-1.45 billion.

Adidas’second-quarter sales soared by 52 per cent to €5.077 billion ($6.01 billion), while operating profit came in at €543 million, beating analysts' average forecasts for 4.97 €billion and €458 million respectively.

Currency-neutral sales almost doubled in North America and Europe, Middle East and North Africa in the quarter, but fell 16 per cent in Greater China, in part because the region saw a strong recovery a year ago as it emerged from coronavirus lockdown.

In May, Adidas initially saw a steep drop in demand in China but sales have since recovered slowly but steadily.