Citi analysts said in a note Thursday that Adidas AG (OTC:ADDYY) is gaining ground on Nike (NYSE:NKE) in three key European regions.
Ahead of NKE's third-quarter results to be reported on Thursday, March 21, Citi conducted its quarterly survey of 1600 North American (NAM) consumers and 1000 Chinese consumers.
The firm also introduced its survey of the European market, where it surveyed 900 consumers across the UK, France, and Germany.
Citi wrote, "In all three regions, results suggest Adidas is gaining ground on NKE, though NKE remains on solid ground in all three markets."
In North America, the macro and promotional environment looks similar to December, which the bank states is "notable given how intense promos were this holiday in the active category."
"In China (as we saw last qtr), our results indicate that western brands are outpacing local Chinese brands, and the promo environment overall is somewhat less intense than last qtr," added Citi.
Nevertheless, in Europe, the bank says NKE and Adidas are at the top of the consumer's mind, with other competitors trailing "well behind."