Adidas Reports Outstanding Second Quarter Financial Results

Adidas reported impressive second quarter results on Thursday pushing shares 7% higher.

For the second quarter, the company reported a net profit jump of 20 percent to 418 million euros ($485 million), which came ahead of analyst expectations of 387 million euros.

Sales for the quarter reached 5.3 billion euros vs. expected 5.2 billion euros, according to Thomson Reuters.

“We delivered another strong quarter,” CEO Kasper Rorsted said, “on the back of a successful World Cup activation. Our profitable growth was once again driven by our strategic focus areas: North America, Greater China and e-commerce.”

Rorsted said that Adidas had sold more than 8 million jerseys during this summer’s World Cup.

“We are very confident we are going to get Reebok into black territory by 2020, that’s been the primary target and it also means in certain regions we are willing to take a slower revenue growth or even a declining one,” Rorsted said to CNBC’s “Squawk Box Europe.”