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Adidas shoes are displayed in a Sports Direct store in London March 5, 2016. REUTERS/Kevin CoombsAdidas is benefiting from collaborations with celebrities such as Kanye West and Pharrell Williams and has scored major fashion hits with retro Superstar and Stan Smith sneakers.The company based in southern Germany had already said it had high hopes for 2016 thanks to a busy sporting calendar including the European soccer championship and the Rio Olympics.the group to have performed so strongly, it necessarily means that brand Adidas is back in vogue across the board, not just football in Europe, said Equinet analyst Mark Josefson, who rates the stockAdidas, which had raised its guidance in February, said it now expected currency adjusted sales to grow by about 15 percent in 2016, compared with a previous forecast for a rise of 10 to 12 percent.It sees net profit from continuing operations rising by 15 to 18 percent, up from previous guidance 10 to 12 percent.Nike, by contrast, last month said it expected revenue to grow in the high single digits for the year ending May 2017, less than analysts were expecting, after a strong dollar hurt sales from some of its overseas markets. ET to a new all time high, rising by more than a quarter so far this year.Nike shares are down almost 5 percent this year to lose a long held premium to Adidas, which is now trading at 25 times forward earnings versus 24 times for Nike.CEO BOWING OUT Adidas has hiked marketing spending, particularly in North America, after losing ground to the world biggest sportswear maker, sparking a series of profit warnings in 2013 and 2014 and putting pressure on long serving Chief Executive Herbert Hainer.Adidas, which reports full quarterly results on May 4, did not give details or reasons for the strong performance, beyond saying it is seeing brand momentumWhile Nike still dominates its home territory, Adidas is making inroads, with sneaker sales up by more than half in March, market data firm NPD says, driven by casual, classics and running to lift its market share to 7 percent from 4.8 percent.Adidas first quarter revenues rose 17 percent to 4.8 billion euros ($5.4 billion), 22 percent adjusted for currency swings.Operating profit rose 35 percent to 490 million euros, giving an operating margin of 10.2 percent, a big increase on Adidas 6 percent in 2015 although still well below Nike.