A deep malaise that infected most of the sporting goods and footwear business for nearly a year is now perhaps yielding to a new period of recovery.

Foot Locker reported on Thursday better-than-expected earnings in its fiscal first quarter, news that initially sent shares in the company up by more than 30% before ultimately closing with a 15% gain to $25.89 per share. That was just one day after stock in Dick’s Sporting Goods reached a new company high of $226.03 per share after its own news of improved sales and a boosted full-year outlook for 2024. 

Adidas, which previously posted its first full-year loss in three decades, more recently delivered strong results for its first quarter and raised its full-year revenue projections.

“I remain confident that we’re on the path towards delivering sustainable, profitable long-term growth and shareholder value,” said Mary Dillon, Foot Locker president and CEO, in an earnings call with analysts. The company’s retail brands also include Champs Sports, Kids Foot Locker, Atmos, and WSS.

The reasons for the improved results are not particularly dramatic. Rather, they lie primarily in a mix of basic fundamentals, including improved product mixes among both manufacturers and retailers, new store concepts that have resonated, reduced losses due to lost and stolen merchandise, and improved macroeconomic conditions that for many of the key category players have led to higher customer spending levels.

“It’s the core strategies that are coming to life that are driving our performance, and we’re not seeing any pockets of softness around the country,” said Dick’s president and CEO Lauren Hobart in that company’s earnings call. 

Still Some Outliers

There are still two notable exceptions to the developing recovery theme in the category, however: Nike and Under Armour. Nike is in the midst of a three-year, $2 billion cost-cutting program that includes multiple rounds of layoffs, and also is still unwinding the debacle surrounding its newly designed MLB uniforms. Its stock has sagged by more than 12% this year.

Under Armour, meanwhile, recently announced a restructuring that will include significant layoffs, a move that follows falling sales and the abrupt departure of former chief executive Stephanie Linnartz. Shares in that company have fallen by more than 20% this year.

The top European club soccer competition will conclude in front of 90,000 fans in London on Saturday when Real Madrid and Borussia Dortmund face off in the UEFA Champions League final at Wembley Stadium. By virtue of reaching the championship match, this year’s finalists have already locked in huge paydays, but there’s still even more on the line.

Saturday’s victorious club will earn $21.5 million, while the loser will take home $16.12 million. The winner will also seal the second available spot in the UEFA Super Cup, which annually features the winners of the Champions League and Europa League—this year won by Italian club Atalanta. Advancing to the Super Cup guarantees a $4.33 million prize, with an additional $1.08 million to the match’s winner.

Madrid is seeking its 15th Champions League trophy, while Dortmund is looking for its second. But both have already qualified for next season’s competition, as well as the 2025 FIFA Club World Cup. If they hadn’t, though, winning Saturday would have accomplished both of those feats. They’ll be guaranteed at least $19.35 million in prize money for the ’24–25 Champions League; the Club World Cup purse hasn’t been released.

Could U.S. Host in the Future?

Like the Super Bowl, cities bid to host the Champions League final each spring. Future hosts include Munich (2025) and Budapest (’26), with Milan seen as the favorite for ’27, pending upgrades at San Siro Stadium. 

Last year, UEFA president Aleksander Čeferin said that holding a Champions League final in the U.S. could be possible one day. This week, the leader of UEFA’s U.S. broadcast partner admitted that idea is still “routinely talked about.” 

Paramount will be paying a total of $1.5 billion until 2030 to continue showing Champions League matches Stateside, and CBS Sports president David Berson sees “tremendous upside” in opportunities like bringing games to the U.S. “I would not be surprised if over the course of these next six years you’ll see that in play,” Berson said on a press call previewing the final. “It’s something we’d welcome. I think it’s something UEFA would like.”