UAA - Could the Nike of China Wreak Havoc on Nike Adidas and Under Armour?
China is a major growth market for Nike (NYSE: NKE), Adidas (OTC: ADDYY), and Under Armour (NYSE: UA) (NYSE: UAA). Nike's revenues from China grew 23% annually (on a constant currency basis) to $1.85 billion and accounted for 18% of its top line last quarter -- making it the company's fastest growing region.
Adidas' revenues in China rose 11% annually (in constant currency) to 2.09 billion euros ($2.33 billion) last quarter, making it the core growth engine of the Asia-Pacific business which generated a third of its sales. Under Armour also considers China to be a top market in its Asia-Pacific region, which grew its revenues 4% to $155 million last quarter -- or 11% of its top line.
Image source: Anta Sports.