Feb. 15 (Bloomberg) -- Adidas AG, the world’s second- largest sporting-goods maker, rose to the highest price on record in Frankfurt trading after competitor Puma AG said it exceeded its annual sales forecast.
Adidas gained 2.6 percent to 59.26 euros, extending the stock’s advance this year to 18 percent. Puma climbed 3.1 percent to 247.25 euros, taking its gain in 2012 to 9.9 percent.
Puma’s net income rose 14 percent in 2011 to 230.1 million euros ($301 million), the Herzogenaurach, Germany-based company said today, beating analysts’ estimates and its own target of “mid single-digit growth.” Sales will rise by a “high single- digit” percentage in 2012 and 2013, and net income will grow at a “mid single-digit” pace each of those years, assuming moderate input cost inflation, it said.
Adidas, also based in Herzogenaurach, is scheduled to report 2011 earnings on March 7. Chief Executive Officer Herbert Hainer said in November that Europe’s debt crisis won’t halt the company’s growth and forecast higher earnings this year.
--Editors: Tom Lavell, Angela Cullen
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