Thursday, 4 August 2011 at 10:21, Reuters, Frankfurt
Adidas expects its 2011 group sales to rise 10 per cent and earnings per share to grow by 15 per cent. (REUTERS)
Adidas, the world's second-largest sports apparel company, once again increased its outlook for the year as it reported a five per cent rise in second-quarter earnings thanks to demand from China.
Adidas, which competes with Nike and smaller rival Puma, has already raised its sales outlook twice this year as demand for sportswear soars.
The German group said on Thursday it now expects 2011 group sales to rise 10 per cent and earnings per share to grow by 15 per cent, with demand in North America also remaining strong.
That compares with previous forecasts for sales to increase by a high single-digit rate and earnings by between 10 and 15 per cent.
"No matter which retailer I speak to, or which market share statistic I read, our product sell-throughs are stronger than they have ever been," Chief Executive Herbert Hainer said in a statement.
The group reported second quarter sales up five per cent at €3.06 billion ($4.36bn) and operating profit up 12 per cent to €219 million.
Analysts were on average expecting second-quarter sales of €3.07bn and operating profit of €222m according to a Reuters poll.
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