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Nike: There is still a lot to learn in Herzogenaurach from the world market leader and brand specialist
Photo: Phil Clarke-Hill/ Phil Clarke-Hill/PYMCA
Good figures from US competitor Nike caused significant price gains for German competitors Adidas and Puma on Wednesday.
The papers of the German sporting goods companies temporarily rose by almost 8 percent.
Puma shares thus made it above the 100-day average line, which is relevant as a medium-term trend barometer.
According to RBC expert Piral Dadhania, Nike's figures for the second fiscal quarter on the eve of the US market close exceeded expectations across the board.
In after-hours New York trading, this catapulted Nike shares nearly 13 percent higher.
A broker emphasized that Nike had its best quarter with its sales growth in a period of more than ten years.
In the three months ended November, revenue increased 17 percent year over year to $13.3 billion.
Analyst Randal Konik from Jefferies was also convinced of the development of the American's gross margin.
Although net profit stagnated at around $1.3 billion, it significantly exceeded market expectations.
Strong demand at Nike: Price pressure could ease somewhat
Jefferies colleague James Grzinic, responsible for Adidas and Puma, praised that strong demand at Nike is helping to cushion the problems with high inventories.
He assumes that the price pressure in the industry could have reached its peak.
According to the expert, this also allows positive conclusions to be drawn about Adidas and Puma.
Investors are currently particularly concerned about the price development of sporting goods.
Grzinic also noted that Nike's advances in China underscored the importance of Western brands to consumers there.
The US manufacturer has grown there for the first time since the summer of 2021/22 compared to the previous year, despite the still noticeable corona restrictions.
The fundamental starting position of the industry for 2023 and beyond is now making a better impression.
With the price jump on Wednesday, the shares of Adidas and Puma pushed their previous annual minus just below the 50 percent mark.
However, they still remain among the weakest stocks in their indices.
Only Zalando with 54 percent has greater losses than Adidas in the Dax.
Concerns about consumer demand and the chaos at Adidas after the inglorious departure of failed CEO Kasper Rorsted had left deep marks on share prices in recent months.
la/dpa
