Adidas raises global sales forecast for 2010

07:44, November 05, 2010      

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World renowned sportswear maker Adidas AG raised its sales forecast for 2010 Thursday after a strong gain in the third quarter thanks to higher sales in all its regional markets and at its Reebok arm.

The Germany-based company said its third-quarter net income climbed to 266 million euros (376 million U.S. dollars) in the three months from 213 million euros (301 million dollars) last year. Revenue reached 3.47 billion euros (4.89 billion dollars) from 2.88 billion euros (6.9 billion dollars).

The company's sales in Western Europe increased 8 percent during the period, while sales in emerging European markets went up 16 percent.

The market in China booked a 9 percent increase in sales, driven by the wholesale and retailing businesses, and North American sales grew by percent. Reebok saw an increase of 14 percent in revenues.

Adidas, which vies with Nike for leadership of the global sports goods market, forecast an 8 percent sales increase in 2010, higher than its previous forecast.

The company also raised its forecast for growth in 2010 earnings per share to a range of 2.68 euros (3.78 dollars) to 2.70 euros (3.81 dollars), from 2.50 euros (3.52 dollars)to 2.62 euros (3.69 dollars).

Adidas chief executive Herbert Hainer said the company had made an explosive comeback in 2010 and the third quarter met high expectations.

Some analysts said that, although the fourth quarter was normally weak, results from the next three months were not expected to alter the company's business performance significantly.

Adidas expected earnings per share to increase faster than sales this year, based on a gradually improving consumer market.

Source: Xinhua


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