Adidas Beat Nike in 1Q, Warburg Says -- Market Talk

Dow Jones04-17

1009 GMT - Adidas's strong first-quarter figures suggest sales at the German sneaker and sports-apparel maker grew faster than at rival Nike, Warburg Research analyst Joerg Philipp Frey says in a research note. The company raised its guidance for the full year after first-quarter sales grew 8% excluding currency movements, outgrowing Nike by about eight percentage points, Warburg says. The first-quarter performance and expectations that currency headwinds will abate somewhat and that its product mix will have positive effects in the second half give Warburg confidence that Adidas's gross margin will substantially beat expectations, the analyst says. Adidas shares jump 8.15%. (adria.calatayud@wsj.com)

(END) Dow Jones Newswires

April 17, 2024 06:13 ET (10:13 GMT)

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The first-quarter performance and expectations that currency headwinds will abate somewhat and that its product mix will have positive effects in the second half give Warburg confidence that Adidas's gross margin will substantially beat expectations, the analyst says. Adidas shares jump 8.15%. 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