Investors bid up Nike’s rivals Adidas and Puma in early European markets action, after their U.S. peer beat first-quarter earnings forecasts.
jumped 6%, and Puma stock
rose 5%, after Nike
reported better margins than forecast even though revenue met expectation.
JD Sports Fashion
shares also jumped 6% in London.
Analysts at JPMorgan led by Olivia Townsend said the read-across to the European sporting goods sector was better-than-expected demand in North America, a solid performance in Europe, expansion in gross margins and ongoing improvements in inventory levels.
The major European indexes also advanced on Friday, with the U.K. FTSE 100
and French CAC 40
each sporting gains around 0.7%.
U.S. stock futures
also edged higher ahead of the release of the PCE price index report later. The S&P 500
ended Thursday with a 0.6% rise.