Rise Up: Athletic Footwear

With recent volatility in the athletic footwear retail names, this week’s athletic footwear sales came in better on the margin despite a third straight week of consecutive industry sales declines. Importantly, performance categories where Foot Locker (FL) and Finish Line (FINL) are over-indexed were up +7.4% on the week compared to the broader industry down -3.7% reflecting a sharp rebound from last week and a return to a HSD growth trajectory. Nike, Jordan and Under Armour all gained share this week. We remain positive on NKE and FL and cautious on UA near-term.

 

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