Adidas Q1 exceeded market expectations for its first-quarter profit and sales, driven by solid demand for its popular sneakers and strong performance across all regions and sales channels.

The German sportswear giant announced an 82% year-on-year increase in operating profit, reaching €610 million ($692 million), with an operating margin of 9.9%. This beat analysts’ expectations of an 8.9% margin and €546 million in profit, according to a company-compiled consensus.

Flagship sneakers like the Samba and Gazelle contributed significantly to Adidas gaining market share from U.S. Rival Nike and maintaining a competitive edge over newer entrants like On Running and Hoka amid market uncertainty.

Bjorn has steered the company through a successful turnaround following the termination of its partnership with rapper Ye in 2022. The final Yeezy inventory was sold by the end of 2024.

Adidas also reported a 13% rise in Q1 sales to €6.15 billion, exceeding the €6.095 billion forecast. Excluding Yeezy sales from the previous year, revenue for the Adidas brand alone was up 17%.

Shares of Adidas, which will publish final Q1 results on April 29, rose 6.2% in Frankfurt trading as of 1702 GMT.