US sportswear companies up after Adidas raises FY24 earnings forecast

Foot Locker

16/07/2024 18:21

** Shares of U.S. sportswear companies and retailers up in
afternoon trading after German peer Adidas  ADSGn.DE  raises
2024 earnings forecast
    ** Shares of Nike  NKE.N  and Under Armour  UAA.N  were up
~2%, while VF Corp shares were up ~3% 
    ** Lululemon Athletica  LULU.O  shares were up ~1% and Roger
Federer-backed On Holding  ONON.N  shares were up ~3% 
    ** Shares of sporting goods retailers such as Foot Locker
 FL.N  and Dick's Sporting Goods  DKS.N  were up ~7% and ~3%,
respectively
    ** Adidas also beat second-quarter sales estimates owing to
the success of its low-rise multi-coloured Samba and Gazelle
sneakers
    ** Expects operating profit for 2024 at about 1 billion
euros ($1.09 billion), up from previous guidance of around 700
million euros
    ** Including session moves, NKE is down nearly 33% YTD,
while ONON rises about 43% YTD
    


($1 = 0.9185 euros)

 (Reporting by Anuja Bharat Mistry in Bengaluru)
 ((AnujaBharat.Mistry@thomsonreuters.com))