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Updated Friday, November 4, 2011 12:00 am TWN, AFP

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Adidas increases full-year targets after positive 3rd-quarter results

FRANKFURT -- Adidas, the German maker of sportswear and equipment, said Thursday it was raising its full-year earnings targets after a stronger-than-expected third quarter and first nine months.

“After the stronger than expected performance in the first nine months, management has increased the full-year 2011 sales and earnings guidance,” Adidas said in a statement.

It was now penciling in sales growth of close to 12 percent instead of 10 percent previously. And earnings per share were projected to rise by “a rate approaching 16 percent to a level around 3.15 euros,” compared with an earlier forecast of an increase of 15 percent.

In the period from July to September, net profit rose by 14.1 percent to 303 million euros on an 8-percent increase in sales to 3.744 billion euros.

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