Adidas gains ground as Nike misses growth targets

Nike shares rose yesterday despite the sporting goods giant’s quarterly revenue growth and its forecast for orders missing analysts’ estimates and underscoring its struggle to fend off competition from Adidas and others, especially in its home turf of north America.

Revenue for the three months to the end of May rose nearly 6% to $8.24bn, while analysts on average had expected revenue of $8.28bn (€10bn).

Sales in north America were flat, weighed down by a fall in clothing and equipment sales. Footwear sales inched up 2%. Net income fell 2.2% to $846m.