智通财经网·2025-12-19 08:44Core Viewpoint - The latest financial quarter shows that most international sports brands, including Deckers, Adidas, VF, Nike, and Lululemon, have exceeded expectations, while Puma continues to face revenue and profit pressures but remains in line with expectations [1] Group 1: Financial Performance - Deckers, Lululemon, Adidas, VF, and Nike reported revenue growth of +9.1%, +7.1%, +3.0%, +1.6%, and +1.1% respectively, while Puma's revenue declined by -15.3% [1] - Net profit for Deckers, Lululemon, Adidas, VF, and Nike increased by +10.7%, decreased by -12.8%, increased by +4.1%, increased by +263.7%, and decreased by -30.8% respectively, with Puma reporting a loss [1] Group 2: Future Guidance - Nike expects a low single-digit revenue decline for the next quarter, while VF anticipates a revenue drop of 1-3% [2] - Most sports brands forecast a full-year revenue growth of about single digits, with Deckers projecting $5.35 billion for FY26 (up 7%), Adidas expecting a 9% increase for FY25, and Lululemon forecasting a 4% growth for FY25 [2] Group 3: Regional Sales Performance - North America: Adidas, Lululemon, Puma, VF, and Deckers reported revenue declines of -4.7%, -3.0%, -22.3%, -0.9%, and -1.7% respectively, while Nike's revenue grew by +4.0% [3] - Greater China: Lululemon and Adidas saw revenue increases of +42.4% and +0.1%, respectively, while Nike's revenue declined by -9.2% [3] - Europe: Adidas, VF, and Nike reported revenue growth of +8.2%, +6.3%, and +6.0%, while Puma's revenue fell by -9.4% [3] Group 4: Inventory Situation - Nike's inventory decreased by -1.7%, with successful inventory reduction in EMEA and Greater China, while North America saw an increase due to tariff impacts [4] - Adidas' inventory rose significantly by +20.9% as a strategy to ensure timely supply of World Cup-related products [4] Group 5: Domestic Brands Performance - Anta's outdoor brand showed strong growth, while the main brand's guidance was lowered from low single digits to low single digits due to a weak consumption environment [5] - Xtep's main brand experienced low single-digit growth, while its Saucony brand saw over 20% growth [5] - 361 Degrees continued double-digit growth with approximately 10% growth in its main brand and children's line [5] Group 6: Investment Opportunities - Suggested investment directions include global supply chain manufacturers such as Shenzhou International, Huayi Group, Xin'ao Co., and Weixing Co. [6] - Recommended brands for attention include Bosideng, Anta, Tabo, 361 Degrees, and others [7]