My issue with this story has never been with the top-line growth, but with the margin necessary to sustain top line growth. I still believe that to be true, and that the real margin level for UA is 1-2pts lower than what we see today (we'll see higher marketing and sourcing costs than anyone is banking on). But I am definitely leaning more towards the camp that better top line could offset some of this in 2H08. Estimates still look too high, but maybe not as high as they looked before the current trends I'm seeing in footwear.
Chart below shows price point for football cleats vs cross trainers in the 7 weeks post-launch for each product. Source: NPD Fashionworld.