World No 2 sporting goods maker Adidas predicted further earnings growth in 2011 and again raised its outlook for 2010 after a good third quarter driven by strong US and eastern Europe sales.
The owner of the Reebok brand said it expected the momentum to continue into 2011, forecasting a rise of 10-15 percent in EPS, and a sales growth rate in the mid-single digits.
The group, based in the sleepy German town of Herzogenaurach, said it now expects earnings per share (EPS) of between 2.68 euros ($3.76) and 2.70 euros for 2010.
Adidas had previously forecast EPS of 2.50-2.62 for 2010, given when it upped its outlook for the second time this year in August.
Even before the update, analysts were expecting Adidas to exceed this forecast for 2010, with the EPS consensus at 2.65 euros, according to Thomson Reuters Starmine.
Nike, the market leader in sports shoes and clothing, in September reported better than expected first-quarter profit and orders, while German rival Puma last month increased its sales outlook for the year.
For the third quarter, Adidas reported sales of 3.45 billion euros ($4.84 billion) on operating profit of 411 million. Analysts were expecting sales of 3.26 bln euros and operating profit of 389 million euros, according to a poll.
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