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Adidas (A3, A-; double neg)  - comp's report weak US retail conditions (25% of sales for Adidas)

CONSUMER CYCLICALS
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  • Nike in 3Q results yesterday issued cautious outlook with revenue now expected to fall by low single digits in 1H (from June) vs. consensus for a +4% gain - it dropped its stock -6% in after-market trade, while Lululemon Athletic dropped -12% on similar weak 1Q guidance (equity takes; {NSN SAQNGBDWLU68 <GO>}).
  • Read-through to Adidas has been mixed - it was struggling in pre-market but is trading flat now, Citi analyst were out saying Nike outlook headwind for JD Sports but could be a opp. for Adidas & Puma.
  • News today also on Nike replacing Adidas as main uniform sponsor of Germany's national football teams - despite latter being headquartered in the country with a 77yr partnership (bbg). Nike agreement is from 2027-34, the country's football association commenting it was "by far the best economic offer and also convinced us with its vision" (i.e. no direct ESG read-through) - reports are Nike will pay €100m/yr.
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  • Nike in 3Q results yesterday issued cautious outlook with revenue now expected to fall by low single digits in 1H (from June) vs. consensus for a +4% gain - it dropped its stock -6% in after-market trade, while Lululemon Athletic dropped -12% on similar weak 1Q guidance (equity takes; {NSN SAQNGBDWLU68 <GO>}).
  • Read-through to Adidas has been mixed - it was struggling in pre-market but is trading flat now, Citi analyst were out saying Nike outlook headwind for JD Sports but could be a opp. for Adidas & Puma.
  • News today also on Nike replacing Adidas as main uniform sponsor of Germany's national football teams - despite latter being headquartered in the country with a 77yr partnership (bbg). Nike agreement is from 2027-34, the country's football association commenting it was "by far the best economic offer and also convinced us with its vision" (i.e. no direct ESG read-through) - reports are Nike will pay €100m/yr.