Nike sales, forecast for orders disappoint while Adidas gains ground

Bengaluru

NIKE Inc's quarterly revenue growth and its forecast for future orders missed analysts' estimates, underscoring the sportswear maker's struggle to fend off competition from Adidas and others, especially in its home turf of North America.

Nike's shares, already the third worst performer on the Dow Jones Industrial Average with a 15 per cent drop this year through Tuesday, fell another 4.2 per cent to US$50.85 in extended trading.

While Nike still dominates in North America, its biggest market, analysts have said it is losing ground to Germany's Adidas, and smaller domestic rivals such as Under Armour Inc are also making inroads. "You are seeing more people moving towards Adidas," Edward Jones analyst Brian Yarbrough said. He said Adidas was "making a comeback" and some US r…