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NIKE LEADS ADIDAS IN WORLD CUP MERCH SALES - LSEG

It's far too early to say who is winning the World Cup, but if we stick to merchandise sales by the apparel makers supplying jerseys to the 48 competing national soccer teams, then Nike may have a lead, according to a report from LSEG.

"Since the start of the tournament, Nike NKE.N has significantly outperformed Adidas in sell-through rates. Within the first two weeks of the competition, 28% of Nike's World Cup merchandise sold out, compared with just 7% for Adidas," according to the report.

So far, Spain, Mexico, Norway and Brazil have been big drivers of merch sales, according to LSEG.

World Cup soccer jerseys are big business for Adidas, Nike and Puma PUMG.DE. In the 2022 World Cup, retailers slashed prices for Germany jerseys after the soccer powerhouse unexpectedly failed to reach the knockout rounds.

This year's World Cup, hosted in the United States, Canada and Mexico, comes as Nike wrestles with eroding market share.

The U.S. company expects sales to drop as much as 4% in the current quarter. Nike's stock has tumbled 32% so far this year, including a 1% loss since the tournament began on June 11.

Adidas, long associated with soccer, is sponsoring 14 teams and also supplying the coveted match ball.

Teams wearing soccer shirts supplied by Adidas ADSGn.DE have won 10 matches played so far, with an additional eight draws.

Nike-wearing NKE.N teams have also won 10 matches so far, along with five ties. Teams wearing Puma shirts have won seven matches.

The longer a team lasts in the World Cup, the greater the demand for its jerseys as it advances toward the finals. Polymarket shows France, which wears Nike shirts, with a 20% probability of winning this year's World Cup, followed by Spain, sponsored by Adidas, at 14%.

Adidas shares are up about 1% since the World Cup kicked off, while Puma has gained almost 5%.

(Noel Randewich)

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