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Adidas reported 25% profit increase for the first quarter

The German company producing sporting goods Adidas announced profit growth of 25% to 209 million EUR for the first quarter of 2011. This is well above the expected 182 million EUR, which allowed the company to raise its forecast for the year. Total sales rose 18 percent year on year to 3.27 billion EUR. Expectations were for sales of 2.99 billion EUR. The retail sales grew by 22 percent annually, while operating profit grew by 21 percent to 314 million EUR.
The strongest growth in the first quarter was made in China, where sales grew by 36 percent without taking into account currency differences. In North America and developing countries in Europe the increase was 26 percent.
The new forecast for 2011 is for profit growth of around 10 per cent. For sales expected to increase by over 5 per cent.