Adidas raises full year profit forecasts

Jo'bulani Adidas expects higher earnings this year, despite the World Cup having boosted sales in 2010

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Adidas has raised its forecasts for 2011 after reporting strong figures for the three months to the end of June.

Net profits for the quarter came in at 140m euros ($200m; £122m), up 11% from the same period last year.

Adidas is predicting record earnings for the full year, despite 2011 not being an Olympic or World Cup year.

It is now forecasting earnings per share of between 3.10 euros and 3.12 euros, having previously said they could be as low as 2.98 per share.

The top of the range would represent a 15% increase from 2010's figure of 2.71 euros per share.

Major sportswear companies tend to do better in years with major tournaments.

"High exposure to fast-growing emerging markets, the further expansion of retail as well as continued momentum at all key brands will more than offset the non-recurrence of sales related to the 2010 FIFA World Cup," the company said.

Sales were particularly strong in China, where they rose 41%, excluding currency effects.

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