Nike, sporting goods stocks edge higher after Puma results

Big 5 Sporting Goods

24/10/2023 15:27

** Shares of U.S. sportswear brands and sporting goods
retailers rise in early trading following Puma's  PUMG.DE  Q3
earnings report
    ** Nike  NKE.N  gains more than 2% to $105.13 while Under
Armour  UAA.O  climbs ~2% to $7.32; Lululemon Athletica  LULU.O 
up marginally 
    ** Retail chain Dick's Sporting Goods  DKS.N  up ~2%, while
Foot Locker  FL.N  rises 1.5% and Big 5 Sporting Goods  BGFV.O 
edges 1.3% higher  
    ** Puma says it expects to return to growth in the U.S.,
China and keeps its FY forecast intact despite Q3 profit drop
    ** Q3 margins and revenue stronger than expected; Puma
shares jump ~7% 
    ** YTD, Nike shares down ~10% while UAA has fallen ~29; DKS
and BGFV have shed 10% and 14%, respectively, while FL has
slumped 44% 

 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com))