The actions from Adidas rose on Wednesday after the company said it would raise full-year 2024 guidance following better-than-expected preliminary results for the second quarter.
The stock rose 4.42%.
The German sportswear company now expects operating profit to reach around 1 billion euros ($1.09 billion) for the full year 2024, up from a previous estimate of 700 million euros.
Adidas said its revenue rose 11 percent in the second quarter compared with a year earlier.
Its upward trajectory is due to the successful launch of the last two sneaker models, “Gazelle” and “Samba”.
Excluding sales of the competing Yeezy line in both years, revenue rose 16% in the quarter, Adidas noted.
Adidas collaborated with rapper Ye, formerly known as Kanye West, on the Yeezy line, but cut ties with him after a series of anti-Semitic comments.
Operating profit rose to 346 million euros in the second quarter of the year, well above the 176 million recorded in the same period last year, Adidas said.
The company had already raised its 2024 outlook once this year after reporting first-quarter results that also beat expectations. The sportswear brand in April reported an operating profit of 336 million euros in the first quarter, up from 60 million in the same quarter a year earlier.