So much for a holiday gift for Nike investors.

Nike Inc. (NKE)  shares tumbled fell 3.7% Friday, Dec. 22, after the world's biggest sports shoe maker forecast slowing sales growth over the holiday quarter and continues to lose market share in its key North American market to rival Adidas AG (ADDYY) . 

Nike said revenue for the three months ended in November, its fiscal second quarter, grew 5% on a constant currency basis to $8.55 billion while gross margins improved 50 basis points to 43%. Earnings of 46 a share over the quarter topped Street estimates, but a cautious outlook for sales from the December through February period pushed the stock lower.

"In third quarter in particular, we expect reported revenue growth at or slightly below the rate of reported revenue growth that we delivered in the second quarter," said Nike sales executive Elliott Hill during a investor call late Thursday, Dec. 21.

Nike's North American sales fell 5% over the reported quarter, the company said, to $3.485 billion, offsetting 16% and 19% gains in Europe and China, respectively. 

The home market slump, however, contrasts with a resurgence for rival Adidas, which saw North American sales pass the €1 billion mark ($1.18 billion) for the first time ever after rising an annual 23% over the three months ended in September.

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