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2026.09.30 | TB | Consumer | European Sports Retail 3Q26 Update

原标题：Pulse – European Sports Retail – Adidas, Puma & Nike – Q3 2026 Update

#consumer

Third Bridge · 2026-09-30

Analyst-led • 21 Sep 2026

Companies: PUM DE, NKE US, ADS DE, 7936 JP

Marcus Albrecht (MA) Global Director, Sportswear & Sports Performance Category at Intersport International Corp GmbH (IIC)

Yanmei Tang (YT) — Third Bridge Sector Analyst

Agenda

Key Insights

Introduction

YT: Welcome to Third Bridge's Interview entitled Pulse – European Sports Retail – Adidas, Puma & Nike – Q3 2026 Update. I am Yanmei Tang, and I'll be facilitating today's Interview with Mr Marcus Albrecht, Global Director, Sportswear & Sports Performance Category at Intersport International Corp GmbH.

Marcus, before we start today's Interview, please state I agree or I disagree to the following statement: You understand the definition of material non-public information and agree not to disclose any such information, or any other information which is confidential, during this Interview.

MA [00:00:27]: I agree.

YT [00:00:28]: Could you please begin with a brief introduction of your background?

MA [00:01:20]: Sure, and thanks for having me again. Obviously, I'm, as you've been already mentioning, the Global Category Director at Intersport International. Intersport is, I would say, a sporting goods retailer in Europe, most likely the biggest one, but we are also operating outside of Europe and Asia-Pacific, Middle East as well as in Africa, roughly 5,500 stores, I wanted to say, and an annual revenue of roughly retail sales of EUR 14bn. Core categories are running, training, football, lifestyle or sports style as well as winter outdoor. This is where I'm looking after pretty much from a product buying and merchandising perspective. Prior to this, I have a strong record in the sporting goods industry. I used to work on the brand side for brands like Adidas, Nike, Puma, just to call a few out and predominantly in product or strategic roles regional or most like globally. In business since already more than 20 years, time flies and happy to give you some further insights and context what's going on right now.

Questions

00:02:45] Regarding European sports and athleisure retail, from what you are seeing on the ground, how would you characterise the sales trends of Adidas, Nike and Puma throughout Q3 2026 so far? What are the key QoQ or YoY moving parts?

MA [00:03:32]: This year definitely is an event year. World Cup was definitely helping to drive, let's say, traffic in store. Higher traffic usually means also better conversion rates as well as a bigger basket size. Nevertheless, if we compare it like-for-like with the one, the bigger one four years ago, we definitely noticed that it's not as intense from a business perspective as it used to be. We definitely can see that consumers are more hesitant. The buying intent and consumer sentiment overall is not the same, which most likely is related towards the current circumstances, the economical challenges and constraints, which, of course, is influencing consumers in the way they are prioritising how they spend their disposable income. Overall, we can say the time during World Cup was pretty strong. Here, we definitely say there was a lot of similarities, especially for the three brands. Of course, those are the ones where they, in this case, currently dominate the football business. Obviously, the two ones, Adidas and Nike, but also number three, Puma, as the third player in that field. What we also realised is that as soon as the event was over, that traffic dropped significantly.

We've been not really able to keep the momentum over a certain period of time. It was really pretty much hard stop after the event. This gives you an indication that the business definitely in Q3 is a little more challenging as we are having a situation that we are not having a strong push from an event anymore and even also taking consideration that consumers are definitely still more hesitant in the way they purchase the products. What we can also see is that there is still a tendency that some consumers are evaluating if they always need a certain level of product or it might be a product at a lower level, which usually is, of course, also and keep the price in line towards the objectives and requirements. Also, what we can see according to this is that our own brand sometimes gets in certain areas, at least for certain categories, an uplift because, of course, those are more price-conformed towards what potentially many consumers are currently looking at or able and willing to spend right now.

When we look into Q3, we can definitely say that bottom line speaking, we are up low-single digit, which is definitely not according to our plan, but at least we are positive and the positive things to call out is definitely that we have a lot of full price because right now, we have not so many promotional activities or discounts. In this case, we go right now a little bit more for profitability rather than top-line revenue.

00:07:01] You mentioned the unfavourable traffic and conversion dynamics post-World Cup. Do you think this a structural issue where demand was pulled forward during the World Cup, creating a post-tournament demand gap?

MA [00:07:45]: Good question. From our reading, it's more structural challenge, let's say. As we've been experiencing during the World Cup, of course, the category football was pretty strong, and there was a decent demand also for football products and predominantly jerseys according to the team, of course, performance, but we had not that many spillover effects. Partially, yes, depending on the brand, but not as many as in the past where people come to the store and then they buy left and right other products as well. I think this was definitely more moderate. That's why I would say we don't see that consumer shopped or overspent money during that time and pretty much service themselves according to their needs and requirements. It's really more the structural thing that as I've been mentioning, the challenges as we are facing in our economy, which is, of course, affecting many consumers as well.

00:08:50] Regarding the World Cup impact, how durable are the gains in brand heat and shelf space that Adidas, Nike and Puma have achieved?

MA [00:09:32]: I think the ones which are, in this case, pretty much leading the category, which is obviously Adidas, Nike and Puma. Especially the two big ones, Adidas and Nike, they are definitely the ones where they've been benefiting from that tournament. Partially, especially on Adidas side, yes, we can see that there was some spillover effects towards lifestyle, especially sneakers. That's usually, I would say, linking quite nicely from a consumer perception and how they dress and what they are interested in and sneakers is very close to their heart as well. Nike, not as much and Puma is, I think, might be a different discussion as there's still quite some challenges what we at least are facing with the brand. Outside of those, of course, you can argue what is the benefit from other brands. There is unfortunately not that many. Of course, if there's more traffic, usually, this is also helping the entire business, but we've been definitely experiencing that other brands where they might not be embedded into that type of sport, it might be not as much in a positive way impacted.

00:10:51] Looking at Q3 2026, is the slowdown mostly about store traffic, or are there also notable basket size dynamics?

MA [00:11:11]: There's usually this cadence is when we go into sales and clearance month. Then, of course, afterwards, we try to keep it more full price, less discount and promotional activities and then specifically, which is then more obviously towards Q4, which is not too far actually in the future. Then, of course, there's a big commercial moment, which is Cyber Week, where many consumers nowadays, they are used to that even outside of the US and they plan their at least bigger purchase behaviours and intent towards this event as there's quite some discount-driven offers as well. You can always argue how much is this really discounted, or is it more on paper? For many consumers, that's something, of course, where they can see and the way they are reading it. That's why I think after the World Cup, there was not really a major push from any marketing activity from brand side because, of course, the ones they've been mainly focusing during the World Cup and the way they've been spending their marketing dollars. That's why I think there was definitely a slowdown, and we used the slowdown, obviously, on one side, to keep up the price. The consumers are not getting too much used to constantly on and off from a price and promotional activity.

At the same time, of course, we have been looking very carefully into our inventory levels and monitor this in order to make sure that we are not running in a situation towards the end of life, end of season, there is too much stock. In case there was something, then we selectively tactically as well been starting with some discounts, but really moderate, which means it is around 10-15%, maximum 20%, not more.

00:13:03] How have promotional levels evolved throughout Q3 2026 so far for the sector? Are there any specific noteworthy moving parts, or is discounting relatively under control?

MA [00:13:24]: I think our tactic and plan as well as strategy as the retailers, specifically in Q3 is that we be really moderate when it comes to discount rates. On purpose, really for only, let's say, products where we've been experiencing higher inventory levels, especially sell-through rates at that time where it should be obviously at a higher level, then of course, this gives us a first indication if there is something needed to push to keep going? Is it something where we can still wait a little longer? Of course, overall, we've been really going more for profitability rather top-line revenue, but that's also something we took into consideration when we've been purchasing. Definitely, as we've been anticipating, not obviously knowing, but we've been anticipating according to the business so far that there will be a drop after World Cup. This is, of course, something we took in consideration the way we've been purchasing prior to in order to prevent higher inventory levels as of today.

00:14:32] Are there any differences in inventory levels between lifestyle and performance categories?

MA [00:14:42]: I think performance usually for us, which is anyhow the majority of the business as a sports retailer, is more stable. There is, of course, categories like running, which is a category, I would not say some trend, but it's definitely something which is in people's mind, and we can definitely see an uplift also according to that the scope and the size of the consumer, which are really being active through that sport, is growing, which is, of course, helping us as well as a retailer as we just, in this case, of course, have a higher reach and better exposure towards that part. Lifestyle itself depends a little bit if it's a trend or not on trend. Right now, there is, of course, a few trend elements, but nothing really which stands out where people running behind and after. That's why I would say it's also more moderate as we speak. What we can also see, especially in lifestyle that many consumers are really looking to a certain extent for discounted products and not so much keen in buying products towards full price.

00:16:01] You mentioned that the promotional activity was relatively controlled in Q3 2026 to prioritise profitability. Are there differences across channels, online vs in-store, for example? Do you see specific channels facing greater promotional pressure?

MA [00:16:33]: I think we as a retailer, we always say we have an omnichannel approach, which means we usually have the same pricing structure and calculation through all the, let's say, consumer touch points where we are operating. The only difference is that sometimes we have specific online exclusive products, which we might not sell in store, but whatever we, in this case, have among all the touch points, all the channels where we are operating, prices are pretty much aligned. There's no difference. That's why I think I don't see based on that, obviously, a difference from a consumer perception that there might be one channel a higher price vs the other one, and this is the reason why they buy it through online. That's not applying to us actually.

00:17:32] What would be your estimated YoY sales growth rate for Adidas, a brand relatively well positioned at this moment, in Q3 2026 in the European market?

MA [00:18:02]: Definitely Adidas is still having, I would say, a strong performance for us during World Cup, but even afterwards, of course, as I've been mentioning, a slowing down. I think Q3, we are up with Adidas 6%-plus, 7%-plus as we speak, which is in the corridor as we are aiming, which is between mid- and high single digit as an overall, let's say, target for the year. Definitely still strong the business in lifestyle, which is having a significant share for us as well. We see the low profile footwear, even if it's obviously not always the same type of silhouettes, is still strong. I think what they do pretty well is that they are expanding and offering variations in women, for example, there is then ballerinas or Mary Janes and then they play with other materials, graphics, prints to really give a bigger and slight different exposure towards the consumer where they also generate this reason to buy, especially if you like this type of shoes and footwear, which is working well. What was not really paying off was the initiatives they've been trying, the Superstar, where there was quite some marketing support as well. Not that we can say, at least based on our experience that the consumer was picking this up, which I think was a little bit the hope that this could be potentially a successor for the low profile, especially more for the fashion distribution, obviously.

Not for us, as I said, the same obviously applies to Stan Smiths, which I think was another franchise, obviously well-known franchises in this case, but they've been also saying, "Well, we can reactivate this a little bit more." Same here, not really that there was a difference prior. Obviously, these investments from the brand. Nevertheless, for us, it is still the other ones with the, as I've been explaining, pretty strong. That's why I think not greater necessity to already move completely to a new franchise in that case. Running is also strong. Of course, Evo SL, the Marathon in this case, world record where we had even certain consumers coming to stores and they've been asking specifically for that product or a similar type of product, which is not always the case. Then, of course, sometimes they buy the left and right as maybe this one is not the ideal, let's say, footwear depending on what type of runner you are, but overall, let's say, also good training, a little more moderate but obviously okay-ish as we speak. I would say the two parts are definitely Q3, obviously, the running as well as lifestyle, and of course, football is now, of course, there was not so much love anymore as this was pretty much celebrated during the World Cup season.

00:21:20] You mentioned that Adidas probably achieved 6-7% sales growth in Q3 2026, in the lower range of your mid-to-high expectations. Would you say this lower range is driven solely by broader economic conditions and consumer confidence, or are there internal execution issues to be aware of?

MA [00:21:56]: I think that's why with this corridor as we've been ourselves not 100% sure what is realistic, let's say. I think bottom line speaking, we are, I would say, somewhere in between in the corridor of what we've been aiming for, which is good. Secondly, there is a high share of full price, which is also in line with what I've been saying at the beginning in our profitability rather having just the top line revenue at the end. Overall, and in that case for Adidas, pretty good performance. I don't need to, in all fairness, to complain as we speak. Of course, now it's a question how we can continue, especially moving then very soon into Q4 as well.

00:22:44] What would be your estimated YoY sales growth for Nike in Q3 in the European market?

MA [00:23:01]: Nike during World Cup was, of course, up, I would say, mid-single digit even predominantly driven through the football category. I think now we are flattish, more pretty much where we've been coming from prior to the World Cup. Expected to a certain extent, yes. I think our aim this year is definitely to have a flat or I would say, between flat and low-single digit up in this case business, but more full price. I think this was one of our aims as last year was pretty discount driven, which I think it's a little bit of an improvement even outside of the, let's say, World Cup time and season as we see more appetite for consumers that they buy products at a regular price and not just when there's a right price tag on the products, which is good, but definitely, yes, we can say it's slowing down. It's not at the same level as we speak as we're experiencing with Adidas. Lifestyle is still in fact the most challenging category for us, even if it's the single biggest one. In that case, footwear is not delivering as it used to be in previous years, in this case, I have to say. New franchises are not picking up as they should. The existing ones, yes, they are still giving, I would say, a certain share of business, but nothing where we can really, in this case, of course, driving a massive growth perspective in that case going forward.

Running is okay, but even here, we can say it was slowing down after the World Cup as well. That's why I think, almost gives you a little bit of understanding and explanation why it's flattish as we speak. Now, as I said, we have to see that we can prevent this. If it's at the end of the day, flat towards the year, but more higher full price share, then obviously, that's the minimum what we've been trying to achieve for this year.

00:25:21] Why do you think Nike's new footwear franchises within Lifestyle in the category were not picking up, underperforming expectations? Is this a delay or timing issue, or has customers' interest in the brand declined?

MA [00:25:53]: That's a very good question, which we are asking ourselves as well. From a product perspective, just neutrally objectively, if you look at the products, we thought there is decent good products, what we can offer. That's why I think it's not that we can say the product is fundamentally not to the point as it should be. It's really a combination, and we can definitely say that consumer perception, brand heat is still lacking, especially at the level where Nike used to be. That's currently, I guess, the biggest challenge for the brand that consumers are not considering the brand as a go-to brand vs it was in the past. In addition, yes, there is definitely might be more competitor brands where they have just really good products and are very well received from a consumer point of view. I think this gives a challenging time to the brand itself.

00:27:04] To confirm, from an industry perspective, you feel confident in Nike's product innovation, but the brand's main challenge was brand competition, correct?

MA [00:27:27]: Normally, it's a combination, but it's not that I can say the product is the only one or the only area where we or the brand is not delivering. Obviously, I think the product, there is good product in all fairness to say, but it's really that it's not as easy to sell as it used to be. Definitely, even the brand is, I would say, making progress, especially with the initiative putting more emphasis on performance, on innovation and trying to really bring something new to the market as hard as this is and sometimes it takes quite some time from a development cycle. It's just the brand perception, which is still lagging behind where they used to be.

00:28:23] How has the sales growth evolved for Puma in Q3 2026?

MA [00:28:34]: Puma, as I mentioned at the beginning, is still for us a little bit a headache. World Cup was okay-ish. Also, football was not as strong as it used to be. Of course, it's our number three brand in football. There's quite a gap, as you might can imagine, between the other two players. Lifestyle is really a constraint, and we have a high share of lifestyle or athleisure is not just fashion products, it's really the easy products where people are wearing day in, day out. Those ones are definitely not performing. I think we have a little bit similar situation as for Nike, where there's a saturation in the market with the brand, brand perception, brand heat is currently really low, we have to say. Even if there are some new products which they've been able to turn around after they've been moving a little bit away, thank God, from the motorsport focus and priority, but those ones are not really paying off as we speak in Lifestyle.

Lifestyle is, for us at least, outside of football, the biggest category. That's why I think we are struggling the most. Training is okay-ish, a little bit of price topic. Sometimes they are price-wise a little bit below, let's say, Adidas or Nike, which is helping. Running is, which, of course, the brand is investing significantly as well as for us a very small business as we speak, not because the products are completely off. It's mainly as they've been, I would say, a late starter in that specific segment and our shelf space are predominantly occupied with brands, the well-known brands, obviously, which is working good on our end, which means there's not so much we can do and just exchange brand and taking more Puma, let's say, into our stores. That's why I think Puma is challenging in Q3 so far. We are down again, unfortunately, low-single digit. That's really the bad thing on that part.

We started a little bit from a promotional and discount activity according to the performance, but still moderate as we felt it would affect us overall as a retailer and from a consumer perception if we go too heavy on one brand in this case, that's why we kept it a little bit as it is. Inventory level is still okay-ish as we, of course, have been very conservative from a buying perspective. That's why I think most likely we can also afford to be a little more hesitant in the way we are pricing Puma, but going forward, potentially this will definitely be at the end, one of the brands where we have the highest discounts to offer.

00:31:41] Among Adidas, Nike and Puma, as well as competitors such as On, Hoka and New Balance, were there any material shelf space shifts in Q3 2026?

MA [00:32:08]: No, not that I can call something out here. I think especially Adidas is having a full distribution for us. The additional business usually has to come through stock turn, not more shelf space in that case. Nike reduced already in previous season a little bit. Of course, it's still an anchor brand for us. It's still pretty big. That's why there's a limitation how much we can reduce the brand. Puma, we definitely took out in the past according to the performance out of some stores and in certain stores, we reduced shelf space, but not in Q3. That means Q3 was pretty stable from a stores/shelf space allocation across most like all brands, I have to say.

YT [00:32:58]: Before discussing the near-term growth outlook, is there anything else in Q3 across the three major brands that you consider noteworthy?

MA [00:33:14]: No, I would say that's pretty much it as we speak.

00:33:22] Looking ahead to Q4 and beyond, what is your view on future demand for Adidas, Nike and Puma based on the current consumer interest per orders and style trends?

MA [00:33:45]: I think with Adidas, we expect that demand and business will most likely continue as we're experiencing so far. I think Q4 from an outlook perspective, we plan, I would say, mid-single-digit to be more conservative might be on that part. It depends a little bit also on the Cyber Week activities. Of course, there's quite some activities what we plan among almost three weeks as we speak already. It is an extended, if you like, consumer or retail moment, which is depending on how it performs, can have a significant impact on the quarter itself. That's why Adidas, I would say, positive outlook, no sign that there's any slowdown or disrupting situation from where we are today. Nike is a little bit… There might be some question marks. The way we plan is, as I said at the beginning, is more flattish. There are some activities, of course, when it comes to Cyber Week, which depending on how perceived from consumers in that specific case can help us a little bit to gain some ground where we might lost in Q1 as well.

Here, I think if we can keep it flat and have a more full price overall business, I think that's pretty much what we are aiming for. When it comes to Puma, the aim is definitely to have a flat result that we can stop pretty much the decline as we've been experiencing in Q3 right now. There will be definitely higher discounts most likely needed. I think that's very obvious to us according to the current performance. Of course, looking into the inventory levels going forward with the current consumer demand, that's pretty much what we can expect and what we take in consideration from a planning perspective, but yes, I think in this case, definitely sums up for Adidas. Nike is definitely in between and Puma is unfortunately still a challenger brand for us.

00:36:11] For Adidas, you mentioned that some newer silhouettes may not fully replace the momentum of prior franchises, but you still expect strength into Q4 2026. Is that resilience being driven by broader momentum across multiple franchises and silhouettes? What other factors should support continued growth?

MA [00:36:50]: I think it's also a little bit the trend as we're experiencing on one side that sneakers overall is a little bit slowing down, not within our stores, but let's say, in the marketplace. We can see that the casual lifestyle trend is picking up to a certain extent as there are certain consumers where they like variations or different options and alternatives. We can see that there is brands where they are taking those trends and applying it towards athletic silhouettes, which is definitely Adidas is doing this quite nicely, but also a brand like New Balance is pretty strong in the way they're executing this in an authentic way. That's why I believe with this exercise, they can definitely stimulate their consumer base even outside of the normal, let's say, classic sneaker executions, which is definitely helpful for the business.

00:37:56] You noted that Q3 2026 inventory levels were under control. Entering Q4, how much inventory is committed vs flexible between brands and retailers? Given continued concerns around elevated retailer inventories and promotional activity, how significant is the Q4 inventory risk, and to what extent is it driven by minimum purchase commitments?

MA [00:39:01]: That's a good question. Of course, it's not all in the way we are purchasing and planning our budget allocation, which means pre-order for those brands normally not more than 60% and 40% is then a combination between replenishment business, which is core colours on existing well-known franchises where we can replenish according to how much we've been able to sell on a weekly basis. In addition, there is sometimes agreements with the brands on certain products where we get a certain amount in season until certain time at least, where we can rebuy in case demand is more or better than might be planned and expected, which means gives us a little bit more flexibility. Of course, on the brand side, that's sometimes causing challenges. At the same time, of course, it gives them the obligation opportunity to stretch the business in case it's going better than expected. If not, then yes, of course, the brand, but partially, of course, also we, on the retailer side, have to manage the circumstances, which means, yes, we might be at that case, of course, forced to give a higher discount vs we anticipated. That's at least on our end, yes, definitely gives us a little more security, and we can act closer to go-to-market and really the consumer demand rather than ordering something 6-9 months prior to as we've been experiencing what we sell or might be not sell.

00:40:51] Have there been key changes in commercial terms between brands and retailers, such as inventory takeback and invoice payable terms?

MA [00:41:09]: Normally, it's a very sensitive topic. Of course, brands really hesitant to make deals like this, especially the big ones, smaller brands, that's something sometimes they used to pay terms to get their foot in the door, get the entry. Brands like Adidas, Nike, normally they are not operating with that part. If there is something which is not working at all, which obviously we had with Puma, considering the motorsport franchises, which was really slow movers and been pretty much occupying budget, but also shelf space, then, of course, there is discussioning on this case that happened and you find might be a common ground or agreement where they partially take products back on one side, but at the same time, of course, you buy something instead of, which hopefully is then performing better. Right now, obviously, there is not really a deal like this. Of course, it's also in all fairness, say, our responsibility as a retailer to manage the business and the inventory level, but nevertheless, of course, we have, obviously, pretty healthy trade terms according to the size of the business.

00:42:29] With Puma and Nike in turnaround and Adidas on a stronger trajectory, how are brands approaching new product launches with retailers? Does greater product innovation change commercial terms or retailer commitment, and are those dynamics consistent across product categories?

MA [00:43:12]: It depends. Of course, as a retailer on one side, yes, if it's a well-known franchise, let's say, secured business, it's great. Everyone loves this because it's pretty safe, but at the same time, of course, which we experienced, obviously, on the brand side as well, if you're putting all your bets on just those safe in this case products, then of course, over time, your safe products will be affected as well because the innovation pipeline is missing and the consumer is not getting manipulated towards might be new products and new exciting stuff, which they might not always buy, but you need this in order to keep and also push and keep the basics, in brackets, alive. That's why I think innovation is important. It's more a question, of course, what's the right balance, the right share from a purchasing but also from a business perspective, which on our end, of course, we have the amount of stores we have. We have a quite developed retail cluster in place, which gives us good indication what type of store, what type of consumer, which is important is shopping there. According to this, we can really define what is the right brand mix, right assortment, right product mix, price in our range and corridor for certain stores. This is pretty much the way we are purchasing and building assortments according to the clusters and insights we have.

00:44:51] Beyond Adidas, Nike and Puma, have you spotted any other trendy or innovative product from other brands that might significantly shift the competitive landscape for these three brands?

MA [00:45:19]: Yes, I think Adidas is obvious, as I've been mentioning that obviously, lifestyle is, I would not call it innovation. It's more how can you manipulate the trends and be on time in that case, I think, which is not always easy, obviously. In this case, it's paying off. When it comes to innovation, then it's really more predominantly on the performance side. Here, definitely, obviously running is one of the categories which is normally a kind of innovation category where, of course, consumers are also according to the activities and objectives they're looking for. They're looking for lightweight, they're looking for stability, cushioning and obviously, the different surfaces where they're running on as well. This is a category where, of course, brands can really stand out. In addition, as I've been mentioning, if you have, I would say, an elite athlete, which is breaking the world records in one of your shoes, is definitely helping and a strong testament towards the brand and towards the product. That's something which, of course, is paying off on a partly short, but definitely on a mid and long term.

00:46:41] Have you seen no emerging challenger brands whose momentum could materially change the competitive landscape for Adidas, Nike and Puma?

MA [00:46:59]: Obviously, there is quite, especially if you take running as an example as a category, I think there is a lot of good running brands, but it's not that I would say there's a completely new innovation out, which is groundbreaking. I think that's not the case. The elements where you look into is pretty much the weight that lightweight is always helpful in that case. Then, of course, the different components about the stability, the cushioning, which gives you then an indication depending, of course, on anatomical foot needs and requirements, what is the right footwear, but also sometimes the right brand because not every brand might be well known for each of the runners. There are sometimes specifically specialities, which you should take in consideration and this case, select the brand, which is most informal, delivering the best footwear for you. As I said, not really something where I say, I never have seen this before, and this is now the groundbreaking part. I think there is a lot of things, of course, differently called, but at the end of the day, from an impact and performance element, delivering similar type of objectives and purposes.

00:48:27] Besides promotional activity aimed at preserving profitability, what other factors do you think might impact realised margins across Nike, Adidas and Puma?

MA [00:48:54]: Of course, challenger brands might be brands where they reach a certain size. As soon as they make a big announcement on recently that they would like to enter in a serious way, the football category is definitely kind of disruption, not now, obviously, but the question is how they are moving forward and what kind of innovation and product they can deliver might be sometime next year when they're ready at that stage. There is definitely something which is a moving part. Of course, we've been experiencing this in running where there is nowadays a lot of good running brands, many, many more vs might be a few seasons ago. Now, of course, another brand in this case decided to see what's in for them, I would call it, in a category which is really dominated by three brands over decades in that case. There's not many brands we are getting even close. Of course, sometimes there are smaller local brands which are operating there, but not really a significant level and size in order to get… In this case, a tough time towards the ones we discussed.

That's definitely something to take into consideration to see how is it moving on, but at the same time, I think it's also good for those brands to see that it's not always a given. They always have to be innovative to see how they can, in this case, if you talk about football, create the lightest football boot with the best and clear distinction in all of the way you can kick the ball and all the elements, which, of course, are important to create a successful football boot as well.

00:50:52] What is your outlook for sales and profit in 2027 compared to 2026?

MA [00:51:26]: I think '27 is definitely as it looks right now, mostly a little more challenging as there is not a big event. It's a non-event year. Of course, there's always tournaments and little activities, but not as big as we're experiencing this year. There's no World Cup, no Euro Cup, no Olympic Games or anything like this, which means the natural attention from a consumer perspective, visibility in all types of channels, is not happening by nature. It's something the brand or we as a retailer have to create as much as we can, but knowing and by experience, that's definitely more challenging. Also, the economic situation and what's happening in the world as of today seems not that this will disappear over the next couple of months, so it will be a combination. This is a combination, I guess, gives us definitely some insights where we might be able to head to in 2027. We definitely, of course, as anticipated, most likely, we would like to grow the business, but at the same time, it might be more moderate growth, and I'm not expecting that business is going through the roof. Then, of course, we have some good plans in place how to manipulate and keep the consumer engaged with us, but as we're experiencing even now, it's not easy as priorities and the way people can spend money in that industry for those type of products is definitely more under pressure as it used to be in the past.

YT [00:53:17]: I appreciate the insights that you have shared with us. Thank you so much.

MA [00:53:37]: Thank you very much. Take care. Bye-bye.

YT [00:53:40]: Thank you. Bye.

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