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A smart guy I know (my Partner, Todd Jordan) just asked me whether he should read into the upwardly-trending comps reported by Foot Locker and Hibbett's Sporting Goods as a sign of an improving consumer.

My answer is 'No'.

I'd argue that better than 75% of any 'strength' we're seeing in yy footwear sales is due to low inventory levels, reduced clearance activity versus last year, and subsequent improvement in price points. As noted yesterday afternoon, price points are still up mid-single-digit, which is helping fuel the fire.

Don't get me wrong, I think this is a net positive for the footwear industry, as margins are looking solid for a couple of quarters (until our 'Supply Chain Vice' theme sucker-punches the industry in another 2-3 quarters).

But for those looking for any positive read-through to the consumer overall should probably keep searching.