Increased interest in Adidas sneakers is expected to boost the company's quarterly profits — as rival Nike suffers from a slump in sales, according to a report Tuesday.
Online searches for "Adidas Samba" surged worldwide during the past year, surpassing searches for "Nike Air Force 1" in December and peaking in April, Reuters said, citing data from Google Trends.
"Nike, in terms of product and message, is very much off its game and Adidas is having a bit of a moment," analyst Simon Irwin of Tanyard Advisory told Reuters.
Adidas' winning strategy relied on rolling out versions of its iconic, three-striped Samba soccer shoes in new colors and limited editions, and it also did the same with a similar model called the Gazelle, Reuters said.
Analysts reportedly expect Adidas to report a second-quarter profit margin of 50.4%, its highest in three years.
The German sportswear company is also expected to $6.1 billion in quarterly revenue, up 4.5% compared to the same period last year.
Meanwhile, Nike last month forecast a surprise decline in sales, leading its stock price to plunge as much as 20% in response to the bad news.
Adidas' share price barely budged, even though it usually tracks that of its American competitor.
Nike hopes to rebound by rolling out new sneakers that will sell for less than $100 a pair worldwide but some Wall Street experts have said a corporate shakeup may be looming.
