December 22 (Reuters) – European sportswear manufacturers stumbled on the stock market on Friday, after their American competitor Nike lowered its annual turnover forecast.
At 11:11 GMT, Adidas fell 5.67%, compared to a drop of 5.77% for Puma. The British JD Sports lost 5.28%, among the worst performances of the Stoxx 600 which was stable at the same time.
On Thursday, Nike lowered its one-year revenue growth forecast to 1% in 2023, compared to a previous forecast expecting growth of around 5%. The consensus of analysts surveyed by LSEG anticipated growth of 3.8%.
The American sports equipment manufacturer blamed a drop in consumer spending and weak online sales in a context of persistent high inflation. At the same time, he announced a two billion dollar cost reduction plan.
On the New York Stock Exchange, Nike plunged 11% in electronic trading before the opening.
“The correlation (between the different sellers of sporting goods) has been more limited in recent quarters, but the announcement weighs on Adidas and Puma,” summarizes a market operator. (Report by Amir Orusov, French version by Corentin Chappron, edited by Blandine Hénault)
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