Adidas and Puma fall after Nike margin dip, weak China sales

PUMA SE

19/12/2025 07:19

** Shares in German sportswear makers Adidas ADSGn.DE and Puma PUMG.DE fall 2% and 3% respectively in early Frankfurt trade, after rival Nike's NKE.N quarterly results on Thursday

** The U.S.-based sportswear giant reported a drop in gross margins for the second consecutive quarter, dragged by poor sales in China and efforts to reset its product mix, sending its shares down 10%

** The company expects Q3 revenue, which includes the December holiday shopping period, to be down in the low-single digits, compared to a 1% increase on a reported basis to $12.4 billion in Q2

** Jefferies notes markets seem underwhelmed by the scale of Nike's sales acceleration and moderation of gross margin pressures in the months ahead, which may be unhelpful for  European peers

** "The manner in which this picture will be extrapolated for European peers, or whether investors will simply look at the (double-digit) decline in NKE's share price as the read-across for ADS/PUM, is unclear," the broker adds

** Adidas and Puma are seen to trade at bottom of their respective indices .GDAXI and .MDAXI

 (Reporting by Linda Pasquini)

 ((Linda.pasquini@thomsonreuters.com))