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Here’s an overview of Eastern Europe exposure by apparel/footwear brand. Adi and Nike are most exposed. Not good that the athletic retail base in Western Europe is weakening on the margin.

More than a few people have asked me to rank exposure to Eastern Europe for apparel and footwear companies given the turmoil in its financial markets over the past week. The good news is that most US companies have no more than about 5% exposure in revenue and profits. The bad news is that this is not about direct exposure, but rather indirect exposure throughout the rest of Europe and the World if the situation there worsens.

As it relates to direct exposure, the two top companies on the list are Adidas and Nike at 9% and 6%, respectively. Also worth noting that the two key Western European sporting goods retailers are on the skids – with JJB Sports (22% of the UK market) on the verge of going away. Sports Direct (37% share) has been doing better, and is likely to benefit from JJB’s problems. That’s a challenge in itself given the often irrational pricing behavior of Sports Direct’s management team. This is not good…