Adidas Q2 net rises to $200 million

[August 04, 2011]  FRANKFURT, Germany (AP) -- Shoe and sports clothing maker Adidas says net profit rose 11 percent in the second quarter and reported a big jump in sales in China.

Net profit rose to euro140 million ($200 million) from euro126 million in the same quarter a year ago, and the company said it was boosting its earnings outlook for the full year.

Adidas, the world's No. 2 sporting goods maker behind Beaverton, Oregon-based Nike Inc., said Thursday that sales were now expected to increase 10 percent for the full year, excluding changes in currency exchange rates. That is up from the previous outlook for high single-digit sales growth.

Its full-year earnings per share estimate narrowed to euro3.12-euro3.10 from euro3.12-euro2.98.

Shares rose 3.25 percent to euro50.42 in morning trading German time.

The company, based in Herzogenaurach, Germany, said Thursday that group revenues in the quarter rose 5 percent to euro3.06 billion, but that sales were up 10 percent however when currency shifts were excluded.

Sales increased by double-digit percentages in all geographic regions for the first half, with a 37 percent increase in China.

Adidas brands include Reebok shoes and Taylor-Made golf equipment.

[Associated Press]

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