(Reuters) – Shares of JD (NASDAQ:) Sports and Puma fell 6.6% and 3%, respectively, on Friday, while shares of Adidas (OTC:) briefly rose more than 1.5% after shares American counterparts fell by 6.6% and 3%, respectively. Nike (NYSE:) on Thursday forecast a surprise decline in earnings in fiscal 2025.
“Nike will be busy recalibrating its business until at least spring 2025, presenting an excellent opportunity for Adidas to gain market share,” analysts at Kepler Cheuvreux wrote in a note to clients.
Nike was hit by falling demand for its sneakers as consumers craved new brands like On and Hoka, sending the company’s shares down more than 12% in after-hours trading.
Jefferies analysts added that recent meetings with Adidas investors confirmed the company’s optimistic outlook: strong demand for its terrace sneakers and sporting events in the summer will likely lead to sales growth as early as the second quarter.
JD Sports shares were down 3.4% by 0744 GMT, slipping to the bottom of the pan-European index, while Adidas failed to hold on to its gains and was last down 0.2%.