Shares of JD Sports, Adidas, and Puma experienced significant gains after Nike reported better-than-expected earnings and a positive forecast, alleviating investor concerns over the sportswear sector’s performance.
Nike’s stock rose 9.2% in Frankfurt and 11% in U.S. after-hours trading following the company’s announcement of a smaller-than-anticipated revenue decline for the upcoming quarter. Additionally, Nike revealed plans to reduce its reliance on Chinese manufacturing for the U.S. market, aiming to mitigate potential tariff impacts.
The optimistic outlook from Nike had a ripple effect on its European counterparts. Adidas shares increased by 3%, Puma’s stock climbed 4.5%, and JD Sports saw an 8% rise.
Investors interpreted Nike’s results as a positive indicator for the broader athletic apparel industry, suggesting resilience amid global economic uncertainties.
