Somehow, some way, Nike's World Cup-related business is crushing that of Adidas, even as Nike's overall global business struggles.

Let's start with the background: Nike's stock has lost over three-quarters of its value since notching a record high in late 2021. Nike's brand has gone down in consumers' eyes, and the market has become terrified about emerging competition from the likes of sportswear brand On Holding and Deckers Outdoor's Hoka sneakers.

Adidas has been more in favor with the market. Its stock is up 36% since a major low point in late March, while Nike shares have dropped 20% in that same span. Analysts tracked by FactSet expect Adidas to grow sales year-over-year almost 5% to $30.3 billion, while they see Nike sales growing a mere 0.2% to $46.4 billion.

And still, Nike looks as if it's defending its turf in soccer gear. As the World Cup continues, Nike's sell-out rate for U.S. World Cup merchandise products in a two-week period earlier this month was 28%, trouncing Adidas' 7%, according to a LSEG report published June 22.

Nike has put out 803 different World Cup products, versus Adidas' 608. Right now, "Nike's merchandise assortment is generating stronger immediate consumer demand," the report says.

Plus, Nike hasn't even had to aggressively discount its products to achieve its strong sell-through, suggesting consumers are more than willing to buy its soccer apparel versus that of its competitors. Nike World Cup t-shirts and jerseys cost an average of $125 apiece -- far higher than Adidas' $95.

Consistent with the strong demand, Nike has racked up more than triple the number of mentions in the news and on social media platforms versus Adidas, according to the LSEG report.

While these may be welcome developments for Nike, investors should remember that World Cup sales are a small part of its business. Nike's total revenue for North America, where most of the World Cup games are being held, is expected to come out to $5.1 billion for its fiscal first quarter ended in August, according to FactSet, the period that encapsulates tournament revenue. World Cup revenue is most likely a much smaller figure.

But one thing is for sure: Nike appears to be the favored soccer brand in the U.S. -- a striking revelation even if it doesn't move the needle for shareholders.

Write to Jacob Sonenshine at jacob.sonenshine@barrons.com

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June 29, 2026 02:00 ET (06:00 GMT)

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