• Q1 net profit up 38% to EUR289m
  • Group revenues up 17% to EUR3.824bn
  • Expects double-digit FY profit increase

Sporting goods giant Adidas has raised its full-year sales and earnings guidance after recording a strong increase in first quarter profit and revenues.

Wholesale revenues were up 13% to EUR2.6bn (US$3.4bn), while retail sales soared 20% to EUR693m, driven by 9% growth in comparable store sales.

Meanwhile, sales for the company’s other businesses increased 37% to EUR517m, the company said.

“We are off to a fast start in 2012 and there is still plenty to come as Adidas takes centre stage at the UEFA Euro 2012 and the London 2012 Olympics,” said Herbert Hainer, Adidas CEO.

“We have worked hard to keep inventories at industry-low levels. With the backdrop of clean markets, you will see us push forward with a whole host of new innovative product and brand experiences.”

Currency-neutral sales grew in all regions, the company said, with a 7% revenue rise in western Europe driven by growth in the UK, Italy, Poland, Spain and Germany.

European emerging markets were up 15%, and revenues in North America rose 11%, thanks to strong increases in the US.

Greater China was up 26% and other Asian markets also increased 26%, primarily because of strong sales growth in Japan and South Korea, while Latin America revenues rose 14%.

Adidas said it now expected full-year revenues to rise by nearly 10% on a currency neutral basis, up from its previous forecast of a mid to high single-digit increase, and net profit to move up by 12-17% to EUR750-785m.