Sunday, October 24, 2021

Nike Earnings Miss Drags Adidas, Puma, JD Sports Down

Must read

Stock Markets43 minutes ago (Sep 24, 2021 04:31AM ET)

(C) Reuters.

By Geoffrey Smith

Investing.com — Adidas (DE:ADSGN) stock and Puma (DE:PUMG) stock fell sharply on Friday, as a disappointing update on Thursday by rival Nike (NYSE:NKE) sparked fears that the two won’t be able to get enough product to markets in North America and Europe in time for the key holiday season.

By 4:25 AM ET (0825 GMT), Adidas (OTC:ADDYY) stock was down 3.6% and Puma stock was down 2.9%. U.K. sports retailer JD (NASDAQ:JD) Sports Fashion (LON:JD) also fell in sympathy, by 2.3%. By comparison, the DAX index was down 0.8% and the FTSE 100 was down 0.3%

Nike on Thursday had cut its sales guidance for both the current quarter and the year, a reflection of prolonged factory closures in Vietnam due to Covid-19. Around half of Nike footwear is made in the southeast Asian country. Nike also warned of shipping delays that could affect its performance during the holiday season.

As with Nike, Adidas has shifted much of its production of sneakers and soccer kleets to Vietnam from China over the last decade. The German company already warned in August that it would suffer 500 million euros in lost sales due to factory closures. However, that didn’t stop it raising its full-year guidance for revenue. It expects sales to be up 20% this year, riding a sustained wave of demand for leisure and athletic wear as more people adapt their wardrobes to reflect the greater time spent at home due to social distancing.

Nike Earnings Miss Drags Adidas, Puma, JD Sports Down

Google, India antitrust watchdog tussle in court over probe leak
By Reuters – Sep 24, 2021

By Aditya Kalra and Abhirup Roy NEW DELHI (Reuters) – Google accused India’s antitrust regulator in court on Friday of being a “habitual offender” by leaking confidential…

Alarmed by Evergrande, China’s lenders hold back on new credit for property developers
By Reuters – Sep 24, 2021

By Engen Tham SHANGHAI/BEIJING (Reuters) – As fears of contagion from any default by China Evergrande Group mounted this month, some Chinese banks, insurers, and shadow banks…

European shares fall on Evergrande fears but hold weekly gains
By Reuters – Sep 24, 2021

By Tommy Wilkes, Alun John and Anushka Trivedi LONDON/HONG KONG (Reuters) -European shares slipped on Friday but held their gains for the week as uncertainty around the fate of…

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Our Apps

Terms And Conditions
Privacy Policy
Risk Warning

(C) 2007-2021 Fusion Media Limited. All Rights Reserved

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.

Latest article

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.