Adidas upgrades outlook for 2021 with sales expected to grow almost 20%

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People in face masks walk in a street during an outbreak of the 2019-nCoV coronavirus.Artyom Ivanov | TASS via Getty Images

LONDON — Adidas is more confident about sales this year as it notes stronger-than-expected demand for its products and a "healthy brand momentum."

The German sportswear retailer expects currency-neutral sales to rise at a "high-teens" rate this year, with a "significant" acceleration already in the second quarter, the company said on Friday.

"This acceleration will be fueled by an array of innovative product releases," Adidas said in a statement. It expects major sport events, such as UEFA Euro and the Copa America, will also support the business.

The company reported net income of 502 million euros ($605 millio) for the first quarter of this year, up from 26 million euros in 2020. Currency-neutral sales at the company rose 27% over the period.

This is a breaking news story and it is being updated.