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By
Reuters
Published
Jul 21, 2011
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Adidas confident of meeting 2011 guidance

By
Reuters
Published
Jul 21, 2011

July 21 - Sportswear group Adidas is confident of meeting its guidance for 2011 its chief executive told Reuters, in spite of concerns that rising material costs could affect the sector.

adidas
The Adidas Neo-line

"I am confident we will deliver another year of strong financial performance in line with the guidance we have provided for the full year 2011," Herbert Hainer said in a statement emailed to Reuters on Tuesday.

Shares in Adidas had fallen more than 4 percent on Tuesday as traders cited concerns that the company's second quarter had been weak.

They pared losses after the comments from Hainer, closing down 3 percent at 53.58 euros. Local rival Puma closed down 1.3 percent.

Adidas shares have been trading at record highs this year, reaching 57.62 euros on Monday.

Hainer said the movement in the group's share price over the last two days was "purely driven by speculation".

Adidas is due to report second-quarter results on Aug 4. It has raised its sales outlook twice this year and sees 2011 sales growing by a high single-digit percentage.

Analysts are looking for an 8 percent rise in sales to 12.98 billion euros ($18.43 billion) for 2011, according to Thomson Reuters I/B/E/S.

However, rising raw material costs and sales lost in Japan, one of its most profitable markets, following the March 11 earthquake and tsunami mean its profit margin will likely come in flat, Adidas has said.

Chinese rival Li Ning flagged high raw material costs this month, saying they would hurt profit margins.

Like Adidas, market leader Nike and Puma have all announced price rises to negate the impact of higher costs and protect margins.

(Reporting by Victoria Bryan; Editing by David Hulmes)

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