Business

Adidas predicts growth in 2011

Jo'bulani
Image caption Adidas profits have been helped by sales in eastern Europe

The world's second biggest sports goods maker, Adidas, has announced an upbeat outlook for 2011.

Adidas is forecasting a rise of 10-15% in earnings per share in 2011.

The company also reported strong sales in the US and eastern Europe of 3.47bn euros ($4.84bn; £3.05bn) in the third quarter, beating analysts' forecasts.

As it produces most of its products outside the eurozone the single currency's recent rise in value has not affected Adidas significantly.

Adidas - which also owns the US brand Reebok - had previously enjoyed a boost from sales related to the 2010 World Cup.

Chief executive Herbert Hainer said: "We have made an explosive comeback in 2010, and I fully expect us to round off the year on a high."

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