PARIS — Shares in Adidas AG gained 3 percent in morning trading on the Frankfurt stock exchange after the company raised its outlook for 2010 and reported strong first-quarter performance.
Announcing preliminary results on Thursday, the German activewear giant said its full-year earnings per share would reach 2.05 euros to 2.30 euros, or $2.74 to $3.08 at current exchange. This compares to the 1.90 euros to 2.15 euros, or $2.55 to $2.88, reported in March.
Adidas posted first-quarter net profits of 168 million euros, or $232.8 million for the three-month period ended March 31, versus 5 million euros, or $6.5 million euros, a year ago, when profits plunged 97 percent. Dollar figures are converted from euros at average exchange for the periods to which they refer.
Operating profits increased 348 percent to 260 million euros, or $360.3 million. They were impacted by a lawsuit settlement and a trademark divestiture, which each contributed a sum in the low double-digit million euros, according to Adidas.
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In the first quarter, company sales gained 4 percent to 2.7 billion euros, or $3.74 billion. On a constant-currency basis, revenues also rose 4 percent.