Olympics set to boost Adidas profits

Jamaican sprinter Yohan Blake holding an Adidas shoe World 100m champion Yohan Blake of Jamaica shows off his Adidas spikes ahead of the London Olympics

Europe's biggest sportswear maker, Adidas, has said its full-year profits should be at the top end of forecasts thanks to key events such as the Olympics and Euro 2012.

It now expects full-year net profits to rise by 15-17%, against an earlier estimate of 12-17%.

Adidas said major sporting events would provide a "positive stimulus" to sales.

It also said second quarter profits rose to 165m euros ($202m; £130m), up from 140m euros a year earlier.

Sales were up 7% to 3.517bn euros. However, sales at its Reebok brand were down 26%, partly as a result of problems at Reebok India.

Earlier this year, Adidas said it had discovered "commercial irregularities" at Reebok India that could cost the firm up to 125m euros.

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