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On a day Adidas, the world's second-biggest sporting goods company, warned that ‘commercial irregularities’ at its Reebok unit in India could cost it almost 200 million euros ($265 million), the German company raised its 2012 profit forecast after outperforming rivals Nike and Puma in key Chinese market.
Adidas shares jumped to a record-high on the news. In an unscheduled announcement to update investors on its new expectations as well as the problems in India, Adidas said sales in China soared 26% on a currency-neutral basis in the first quarter, helping it to top sales and profit forecasts.
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