Adidas Q2 net profit jumps, exceeds estimates

FRANKFURT: German sporting goods company Adidas, which sponsored 12 teams in the World Cup football tournament, reported second-quarter net profit that jumped fourteenfold, exceeding analyst estimates.

Net profit rose to 126 million euros ($161 million) from 9 million euros posted in the year-earlier period. The average Thomson Reuters estimate was 73 million.

Adidas did not provide any details on its earnings. Full second-quarter earnings are due on Aug. 4.

In May, Adidas had raised its outlook, mirroring a move by rival Puma, the world's No. 3 sporting goods maker.

At the time, Adidas said it expected 2010 profit to rise to between 430-480 million euros after posting weak results for 2009.

Adidas, the industry's No. 2 behind US group Nike, provided World Cup match balls and equipped teams including host nation South Africa, Greece and European champion Spain.

Last month, Adidas lifted its 2010 revenue outlook for soccer-related products to at least 1.5 billion euros, boosted by the World Cup in South Africa.