The company reported that this was driven by momentum in the Adidas brand, which was up 5% in the quarter, while sales of parts of the remaining Yeezy inventory generated around €150 million.

Footwear revenues were up by 13% in the period on a currency-neutral basis, while apparel sales grew by 2% year-on-year. Meanwhile, accessories declined by 1%.

Direct-to-consumer (DTC) sales had a currency-neutral improvement of 20% in the quarter, with growth of 11% for own retail stores, 34% for e-commerce and 2% for wholesale.

Europe had an increase of 14% to start the year, while revenues in emerging markets and Latin America had growth of 17% and 18% respectively. Greater China saw growth of 8% for the quarter and Japan/South Korea was up by 7%. With the only decline, North America fell by 4% year-on-year.

The company ended the quarter with an operating profit of €336 million, with an operating margin of 6.2%. Net income from continuing operations totalled €171 million.

Looking forward, Adidas expects revenues to grow at a mid to high-single-digit rate in 2024 on a currency-neutral basis.

CEO Bjørn Gulden said: “I am very happy to see that the business in Q1 developed better than we had expected. Sales, gross margin and operating profit were all better than initially planned. Our full-price sales in our DTC channels were strong and our sell-out with our retail partners was higher than the sell-in. This means lower inventories, less discounts, and better gross margins both for our retail partners and for us.

“The growth is of course driven by our lifestyle business right now, especially Originals footwear, but we also see that the higher end of our Running, Football and Basketball product is doing well. The demand for our footwear franchises Samba, Gazelle, Spezial, and Campus is still very strong and growing, but we also see new franchises like SL72 starting to become high in demand. We feel we have a very strong pipeline of product for the next quarters.”