(Reuters) – Shares in JD Sports and Puma fell as much as 6.6% and 3% respectively on Friday, while Adidas briefly rose over 1.5%, after U.S. peer Nike on Thursday forecast a surprise fall in fiscal 2025 revenue.
“Nike will be busy with recalibrating its business until at least spring 2025, which provides Adidas with excellent opportunity to gain market share,” analysts at Kepler Cheuvreux wrote in a note to clients
Nike was hurt by faltering demand for its sneakers as consumers covet newer brands such as On and Hoka, pushing its shares down over 12% after hours.
Analysts at Jefferies added that recent investor meetings for Adidas confirmed the company’s upbeat narrative, with a strong demand for its ‘terrace’ sneakers and sport events in summer likely to boost sales growth already in the second quarter.
Shares in JD Sports were down 3.4% by 0744 GMT, slumping to the bottom pan-European STOXX 600 index, while Adidas could not hold onto its gains, and was last down 0.2%.
(Reporting by Linda Pasquini and Samuel Indyk, editing by Alun John)