美国服装及专业零售：美国运动服装需求追踪（2025年5月）

www.bernsteinresearch.com BERNSTEIN TICKER TABLETickerRatingADS.GROADDYYONKEOLULUOONONOEDMSPXO - Outperform, M - Market-Perform, U - Underperform, NR - Not Rated, CS - Coverage SuspendedONON estimate is Adjusted EPS; ONON valuation is Adjusted P/E (x);Source: Bloomberg, Bernstein estimates and analysis.INVESTMENT IMPLICATIONSOutperform on Nike, On, Adidas, LululemonU.S. APPAREL & SPECIALTY RETAIL Table Of ContentsFoot Traffic..................................................................................................................................................................................................................................4Debit and Credit Card Spend.............................................................................................................................................................................................. 7Web Traffic............................................................................................................................................................................................................................... 11Inventory................................................................................................................................................................................................................................... 13Markdown Breadth and Depth......................................................................................................................................................................................... 15Average Prices........................................................................................................................................................................................................................16App Downloads and Usage............................................................................................................................................................................................... 18DETAILSIn this monthly report, we look at US demand and supply trends across Sportswear brands, including foot traffic, observed sales,web traffic, inventory, markdowns, app downloads and app usage. We include our coverage companies (Nike, Adidas, Lululemonand On) and uncovered comps (Hoka, Puma, Under Armour, Alo Yoga, Vuori, Skechers, Asics, New Balance, Foot Locker, DicksSporting Goods) and private companies. JD Sports is covered by our colleague Will Woods out of London.Recent Work on Sportswear:•Global Sportswear: DKS / FL merger - Deep-dive into the US Sporting Goods Retail landscape•Weekend Consumer Blast: Where did all the Jordans go?•On: Brand momentum still going strong•Adidas: Outperformance meets Uncertainty•US Specialty Retail & US Transportation: How does China tariff relief impact US supply and demand?•US Apparel & Specialty Retail: Three names to own into a recession•Sportswear: Themes from Q4 earnings and Q1 guides•Global Sportswear: Current trends in US and Europe (Q1 channel checks)•Nike vs. Challenger brands: Takeaways from our Running Specialty panel•The Long View: Global Sportswear - A secular growth sector in 2025 and beyondU.S. APPAREL & SPECIALTY RETAIL 3 FOOT TRAFFICEXHIBIT 1:Foot Traffic Trends SummaryMay-24NikeAdidasLululemonDeckersNew BalanceCrocsSkechersVFCPumaAlo YogaUnder ArmourFootlockerDick's Sporting GoodsAcademyVuoriAsicsOnSportswear OverallSource: ADVAN, Bernstein analysis-20%-15%-10%-5%0%5%10%1/5/20251/12/20251/19/20251/26/20252/2/2025Nike-YoY % Change in Foot TrafficSource: ADVAN, Bernstein analysis-2%0%2%4%6%8%10%12%1/12/20251/19/20251/26/20252/2/20252/9/2025Lululemon-YoY % Change in Foot TrafficSource: ADVAN, Bernstein analysisU.S. APPAREL & SPECIALTY RETAIL Source: ADVAN, Bernstein analysis5/11/20255/18/2025-20%-15%-10%-5%0%5%10%1/5/20251/12/20251/19/20251/26/20252/2/20252/9/20252/16/20252/23/2025On-YoY % Change in Foot TrafficSource: ADVAN, Bernstein analysis 2/16/20252/23/20253/2/2025 Source: ADVAN, Bernstein analysis-10%-5%0%5%10%15%20%1/5/20251/12/20251/19/20251/26/20252/2/20252/9/20252/16/20252/23/2025Crocs-YoY % Change in Foot TrafficSource: ADVAN, Bernstein analysis0%5%10%15%20%25%30%1/5/20251/12/20251/19/20251/26/20252/2/20252/9/20252/16/20252/23/2025Skechers-YoY % Change in Foot TrafficSource: ADVAN, Bernstein analysis-15%-10%-5%0%5%10%15%20%25%30%1/5/20251/12/20251/19/20251/26/20252/2/20252/9/20252/16/20252/23/2025Under Armour-YoY % Change in Foot TrafficSource: ADVAN, Bernstein analysisU.S. APPAREL & SPECIALTY RETAIL Source: ADVAN, Bernstein analysis5/11/20255/18/2025-15%-10%-5%0%5%10%15%20%25%1/5/20251/12/20251/19/20251/26/20252/2/20252/9/20252/16/20252/23/2025VFC-YoY % Change in Foot TrafficSource: ADVAN, Bernstein analysis5/11/20255/18/2025-10%-5%0%5%10%15%20%25%30%35%40%1/5/20251/12/20251/19/20251/26/20252/2/20252/9/20252/16/20252/23/2025Puma-YoY % Change in Foot TrafficSource: ADVAN, Bernstein analysis5/11/20255/18/2025-10%-5%0%5%10%15%20%1/5/20251/12/20251/19/20251/2