美国服装与专业零售：美国运动服饰需求追踪（2026年6月）

US Sportswear demand tracker (June 2026) We publish a regular set of real-time data points to track demand and supply trends acrossUS Sportswear brands and retailers, including foot traffic, spending, web traffic, SKU counts,markdown breadth, markdown depth, average prices, and app engagement. Traffic trendscontinue to show signs of sequential improvement for Sportswear brands, web trafficaccelerated meaningfully in June across brands and retailers, and prices remain clearly upYoY after tariff-driven increases, suggesting that US consumer demand remains healthy,though sales trends remain bifurcated by brand. Aneesha Sherman+1 917 344 8457aneesha.sherman@bernsteinsg.com Jessica Tian+1 917 344 8413jessica.tian@bernsteinsg.com Jed Hodulik+1 917 344 8594jed.hodulik@bernsteinsg.com Foot traffic trends are sequentially improving, web traffic has accelerated broadly,but observed sales trends vary by brand.NikeandAdidasboth showed improvementin foot traffic in June, with the overall Sportswear sector also improving sequentially, likelydriven by the World Cup. Web traffic was strong across most of the group, with particularstrength across large Sportswear brands, retailers, and running brands. However, salestrends are more uneven:Adidascontinues to look very strong,Ontrends have improved,and emerging brandsAloandVuoriare still outperforming on growth, although traffictrends are becoming more uneven as they mature. Meanwhile,Niketrends remain negative,declines continue to worsen atLululemon, andDeckerstrends have decelerated to flat/slightly negative. Inventory remains broadly flattish with promotions still manageable.Across the DTCsites, SKU counts are generally flattish forNike, On, Hoka, Puma, Asics, Under Armour,North Face, and Skechers.Adidashas seen some sequential increase as newness comesin, though inventory still looks controlled, whileLululemonremains the key outlier with SKUcounts elevated following the Spring assortment build. Given this inventory control, theenvironment is generally not too promotional, though we continue to see pockets of highermarkdown activity, especially atLululemon, and some visible YoY markdown pressureacrossHoka, New Balance,andUnder Armour. With tariff-driven price increases and limited broad-based promotional intensity,average realized prices continue to trend upwards for most brands.Realized prices,including markdowns, remain up YoY forNike, Adidas, Puma, Asics, New Balance,Under Armour,andNorth Face, suggesting that price increases have largely flowedthrough without a major demand shock.Adidasprices remain up DD% YoY, andNikepricesremain up MSD-HSD%.Lululemonremains the key exception, with average realized pricesstill down YoY as elevated markdowns have more than offset price increases.HokaandSkechersrealized pricing trends also turned slightly negative in June, suggesting lesspricing support than earlier in the year. View into Summer / BTS 2026:With foot traffic improving, web traffic accelerating,SKU counts broadly controlled, and average realized prices still up YoY for most brands,the setup into Summer / BTS remains constructive from a supply perspective. That said,the demand picture is increasingly bifurcated:Adidas, On, Alo, Vuori,and retailers areshowing healthier momentum, whileNikeandLululemonremain pressured in observedsales. Despite cautious company guidance, deteriorating consumer sentiment and externaluncertainty, the real-time data still point to resilient Sportswear demand, but the winnersare becoming more clearly separated from the laggards. BERNSTEIN TICKER TABLE INVESTMENT IMPLICATIONS We rate Nike, Adidas, and On Outperform, Lululemon and Deckers Market-Perform. DETAILS In this report, we look at US demand and supply trends across Sportswear brands, including foot traffic, observed sales, webtraffic, inventory, markdowns, app downloads and app usage. We include our coverage companies (Nike, Adidas, Lululemon,Hoka and On) and uncovered comps (Under Armour, Alo Yoga, Vuori, Skechers, Asics, New Balance, VFC, Crocs, Foot Locker,Dicks Sporting Goods, Academy Sports) and private companies. JD Sports and Puma are covered by our European team underWill Woods. Recent Work on Sportswear: •Nike: Key takeaways from Bernstein's Retail Forum•Nike Q4: Quality over Quantity•Sportswear: What we learned from Q1 earnings•Lululemon: Product issue or brand issue?•Deckers Q4: Stable mid-term algo on Hoka growth•Adidas: Takeaways from CFO fireside conversation•ONON: The growth/margin toggle•Adidas: Performance is performing - not just a Lifestyle brand•Global Sportswear: Is the sector de-rating deserved? A deep-dive into valuation over the next decade•Global Sportswear: The death of sneakers?•The Long View: Global Sportswear - A secular growth sector in 2025 and beyond FOOT TRAFFIC Fiscal year end DecemberSource: ADVAN, Bernstein analysis Fiscal year end MaySource: ADVAN, Bernstein analysis Private company; Vertical dotted lines denote calendar year quartersSou