Shares in JD Sports and Puma experienced significant declines, dropping 6.6% and 3%, respectively, on Friday.
This downturn came in the wake of Nike's (NYSE:NKE) announcement forecasting an unexpected drop in revenue for fiscal 2025, which sent its shares tumbling over 12% after hours.
The athletic wear giant cited a decrease in demand for its sneakers, with consumers showing a preference for emerging brands like On and Hoka.
In contrast, Adidas saw a brief surge in its stock, rising over 1.5%, bolstered by positive feedback from recent investor meetings.
Analysts from Kepler Cheuvreux highlighted that Nike's current focus on business recalibration until at least spring 2025 presents a golden opportunity for Adidas to capture market share.
Additionally, Jefferies analysts noted strong consumer interest in Adidas' 'terrace' sneakers and anticipated that upcoming sports events in the summer would likely enhance sales growth as early as the second quarter.