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Adidas raises outlook after strong third quarter

[BERLIN] German sportswear company Adidas raised its outlook for full-year sales and profits on Thursday after it reported better-than-expected results for the third quarter as its golf business recovered from a recent slump.

Adidas said it expects currency-neutral sales to increase at a high-single-digit rate, compared to a previous forecast for a mid single-digit rate, while net income from continuing operations excluding goodwill impairment should increase at around 10 percent, from a previous 7-10 per cent target.

Sales rose 18 per cent to 4.758 billion euros (S$7.27 billion), or 13 per cent excluding the impact of currencies, beating an average of analysts' forecast for 4.5 billion euros and accelerating from a 5 per cent rise in the second quarter.