BUZZ-US sportswear companies rise buoyed by Adidas' strong results, forecasts

Reuters04-17

** Shares of major U.S. sportswear makers and retailers up in early trading after Adidas reported better-than-expected quarterly results and raised its 2024 guidance

** Nike shares were up 1.3% at $94.64, Under Armour

rises 1% to $6.67, Foot Locker up ~1% at $21.71 and Dick's Sporting Goods rises 0.6% to $199.95

** Adidas shares were also up 9.1% following Tuesday's earnings where the company reported strong demand for "terrace" retro styles, such as Samba, Gazelle and Campus

** Adidas' results come as a breather at a time when sportswear companies have seen a slowdown in demand as customers curb spending mainly on discretionary purchases like footwear and apparel

** Telsey Advisory Group analysts say it is likely all regions were positive for Adidas, including North America

** Up to Tuesday's close, NKE's shares were down 14%, UAA fell 25%, FL down 31% and DKS up 35.2% so far this year

(Reporting by Ananya Mariam Rajesh in Bengaluru)

((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: ))

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