German sportswear group Adidas has recorded a jump in its third-quarter profits. This has been lifted by a surge in sales of its own-brand trainers and apparel. The company, which sponsors English Premier League giants Manchester United, also confirmed its improved outlook for the year, bolstered by high-profile sponsorships during the Euro 2016 football tournament and the Rio Olympics as well as collaborations with big names like Kanye West.

According to its new chief executive Karsten Rorsted, 2016 will be a record year for the Adidas group with truly exceptional results. For the July to September period, the group's net profit climbed by 24 per cent to €386 million compared to the same period last year. Its group revenues grew by 14 per cent to €5.4 billion.

The Adidas brand itself saw global sales jump 20 per cent driven by strong demand for its retro-inspired originals trainers and its neo urban fashion line. Sales of its Reebok brand were up seven per cent. Both brands did particularly well in China and the United States, allowing the Adidas group to gain ground on its main rival Nike. For the coming days, the group felt that it would see one-time costs in the second half of 2016 related to restructuring measures at Reebok and investments aimed at strengthening the group's growth foundation.

But it said it was still on track to meet the improved forecast announced in July, expecting revenues to increase at a rate in the high teens this year. According to expectations, net income this year is likely to soar by 35 to 39 per cent to between €975 million and €1 billion. In spite of the good news, shares of Adidas fell by more than five per cent to €139.10 in early morning trading in Frankfurt.