Adidas raises profit forecast

Raising the forecast for profits is a shareholder's dream, and Adidas, the world's second

largest sporting conglomerate, has done just that.

The German-based company raised its 2012 profit forecast after seeing stellar growth in China, with sales rising 26%.

Adidas said it now expects sales to rise in 2012 by nearly 10 percent, up from a previous forecast of 5-9 percent, while net earnings would grow by between 12 and 17 percent, compared to previous guidance of 10-15 percent.

Shares in Adidas, which have already gained 19 percent this year, jumped over 6 percent in early trade to an all-time high of 63.75 euros.