German sportswear company Adidas reported disappointing second-quarter sales on Thursday but expects a second-half recovery after it caused a decline in Europe and saw its long-running Reebok fighting brand recover.
Adidas shares fell 2.3% to 0725 GMT. The stock had been rallying in recent weeks in the hope that it might drop its view – especially after German rival Puma raised sales and profit forecasts after a strong second quarter.
Adidas has eroded Nike’s dominance in the US market in recent years, pushing retro styles and joining celebrities like Kanye West and Beyonce.
Adidas quarterly sales were flat in Europe, recovering from a 3% decline in the first quarter as the firm took steps to reduce its confidence in its Originals fashion line and boost sales of sports performance apparel. , with the release of new products.
Adidas said it was confident sales would accelerate in the second half, allowing it to confirm a full prospect of a 5-8% currency-free sales growth and net operating income of between 1.88 and 1.95 billion euros.