Adidas shares crashed the most on record in Europe after outsized World Cup marketing spending weighed on second-quarter operating profit, overshadowing stronger-than-expected tournament-related sales. The German sportswear maker generated 1.5 billion euros in sales, with jersey sales quadrupling and ball sales doubling from the previous World Cup tournament. The bears will point to 1% footwear growth and 6% cFX sales growth in Europe, 6% wholesale growth as well as the implied 6% 2H cFX guide and €1bn in 2H EBIT. The bulls may point to more tariff refunds to come, strong World Cup performance and brand heat as well as the guidance likely being conservative. The market's verdict on the dismal earnings report was swift: Adidas shares plunged about 17% in Germany, their steepest decline on record.