US sportswear companies up after Adidas raises FY24 earnings forecast
** Shares of U.S. sportswear companies and retailers up in afternoon trading after German peer Adidas ADSGn.DE raises 2024 earnings forecast
** Shares of Nike NKE.N and Under Armour UAA.N were up ~2%, while VF Corp shares were up ~3%
** Lululemon Athletica LULU.O shares were up ~1% and Roger Federer-backed On Holding ONON.N shares were up ~3%
** Shares of sporting goods retailers such as Foot Locker FL.N and Dick's Sporting Goods DKS.N were up ~7% and ~3%, respectively
** Adidas also beat second-quarter sales estimates owing to the success of its low-rise multi-coloured Samba and Gazelle sneakers
** Expects operating profit for 2024 at about 1 billion euros ($1.09 billion), up from previous guidance of around 700 million euros
** Including session moves, NKE is down nearly 33% YTD, while ONON rises about 43% YTD
($1 = 0.9185 euros)
Reporting by Anuja Bharat Mistry in Bengaluru
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