Adidas AG fell after the German sportswear brand said earnings will grow slower this year than investors expected, even as it builds momentum with its retro footwear.

The company expects operating profit of €1.7 billion ($1.8 billion) to €1.8 billion this year, it said in a statement Wednesday, short of the €2.07 billion expected by analysts. Though Adidas has a reputation for conservative guidance — it raised its outlook three times last year — analysts said the latest figures would likely weigh on its shares at least in the short-term.

Adidas shares fell as much as 3.9% in Frankfurt. They are up about 32% in the past year through Tuesday’s close, outperforming rivals Nike Inc. and Puma SE.

“We would be buyers on weakness,” RBC Capital Markets analyst Piral Dadhania said in a research note, adding he expects Adidas to deliver revenue and earnings “well above” the guidance range.

Chief Executive Officer Bjorn Gulden, now in his third year at the helm, is looking to continue building a new era of growth at a brand that had descended into repeated crises earlier this decade. Previously the CEO of Puma, he’s known for flexibility and fast decision-making — and for offering low earnings forecasts early in the year and trying to repeatedly outperform them.

Investors have responded positively to Gulden’s back-to-basics focus on sports and pragmatic approach to developing new footwear and apparel. He is also credited with managing the fallout from Adidas’ canceled partnership with the rapper and designer Ye, formerly known as Kanye West.

Demand is still booming for retro sneaker models including the Samba and Campus, which have generated buzz for the brand in the past two years. Adidas has introduced more retro kicks like the SL72 running shoe and thin-soled Tokyo trainer.

The popularity of these models has prompted Gulden to delay the return of the 1970s-era Superstar basketball shoes, since he doesn’t want to flood the market with three-stripe footwear.

He is hoping to close the gap with Nike, which while struggling, is still the industry leader.

Adidas is also seeing strong uptake for its sports gear, including Predator football boots and the Adizero franchise of running shoes, it said.

Currency-neutral sales will probably grow at a high-single-digit rate in 2025, the company said, which is in line with estimates. Excluding the defunct Yeezy franchise, the brand expects to keep growing at a double-digit rate.