Deutsche Bank Comments On Athletic Footwear Sales
Deutsche Bank issued its Athletic Footwear Weekly on Wednesday with data for the week ended December 13.
Analysts led by Dave Weiner noted that “Total Athletic Footwear sales (per SportScan Info SSI) accelerated to +7.2 percent y/y last week, but the 2Y stacked figure slowed to +8.4 percent.
“Again higher units sold drove the entire sales increase as ASPs finished lower y/y. Basketball was relatively constant with the prior week with sales up +11.5 percent y/y.
“A new Jordan Retro 13 model and the launch of the Jordan Spizike drove the category forward. Running growth of +9.5 percent y/y was also consistent with the previous week. Within the category, Nike’s Air Max 2015 is beginning to gain traction even as the brand’s Free 5.0+ platform remains very strong.”
According to Weiner, “Nike increased +9.8 percent while Under Armour soared +149.7 percent and Adidas contracted -33.0 percent.”
Overall “Athletic Footwear sales increased +8.2 percent y/y in the 13 week period ending 11/29 (their F2Q), an uptick from the +3.8 percent growth in the period ending 8/30 (F1Q).”
Latest Ratings for NKE
|Oct 2016||Oppenheimer||Initiates Coverage On||Perform|
|Oct 2016||Susquehanna||Initiates Coverage On||Positive|
|Sep 2016||Guggenheim||Initiates Coverage on||Buy|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.