London— A sell-off in Adidas stock has propelled rival Nike back into the lead. The German company’s shares have fallen about 7% this week, which would be the biggest weekly drop in more than a year. Until last week, Adidas had outperformed its US rival for 2017 as sales of its "athleisure" clothing and retro sneakers surged. Adidas holiday orders in North America may be under pressure due to logistical delays, according to Erinn Murphy, an analyst at Piper Jaffray in Houston. Meanwhile, Cowen & Company pointed to an increase in promotional activity in North America as an area of concern. "Adidas promos are clearly concerning the market," John Kernan, a New York-based Cowen analyst, wrote in a note on Thursday, citing a marketing e-mail the company sent out this week, offering 50% discounts on key styles. Last month, the company maintained its forecast for 2017 revenue growth at 17% to 19% in constant currency. Adidas generated 20% of its revenue from North America in the three mont...

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