Core Insights - Under Armour and Stephen Curry have mutually agreed to end their 13-year partnership as the company undergoes a broader restructuring [1][2] - The Curry 13 shoes will still be released in February, marking the final sneaker produced under their collaboration [1] - Under Armour's CEO emphasized the need for discipline and focus on the core brand during a critical turnaround stage [2] Company Performance - Under Armour has been struggling with declining sales for the past eight quarters, alongside executive turnover and a restructuring plan estimated to cost $255 million, which now includes costs related to the separation from the Curry brand [3] - The collaboration with Curry is expected to generate at least $100 million in revenue for the current fiscal year, but the company stated that the separation will not significantly affect profitability [4] - Under Armour's stock fell by 2% on the day of the announcement and has decreased nearly 50% over the past year [5] Historical Context - Curry joined Under Armour in 2013, choosing the smaller brand over Nike, and the Curry Brand debuted in 2020 [6] - In 2023, Curry signed a long-term extension that made him president of the Curry Brand, receiving 8.8 million Under Armour shares valued at approximately $75 million at that time [6]

Under Armour and Stephen Curry have parted ways, ending over a decade-long partnership between the NBA star and the sportswear company. ...

Core Insights - On Holding reported a significant sales growth of 24.9% year-on-year in Q3 2025, reaching SFr794.4m (£998m), with a 34.5% increase in constant currency [1][2] - The company has raised its 2025 outlook to a projected 34% constant-currency net sales growth, estimating reported net sales of SFr2.98bn [4] Financial Performance - Net income for Q3 2025 rose to SFr118.9m, compared to SFr30.5m in Q3 2024 [2] - Adjusted EBITDA increased to SFr179.9m, with a margin of 22.6% [2] - For the first nine months of 2025, net sales increased by 32.6% to SFr2.27bn, and adjusted EBITDA soared by 51.2% to SFr436m [3] Product Category Performance - Footwear sales increased by 21.1% to SFr731.3m, apparel surged by 86.9% to SFr50.1m, and accessories rose by 145.3% to SFr13m [2] - Direct-to-consumer sales grew by 27.6% to SFr314.7m, while wholesale sales rose by 23.3% to SFr479.6m [2] Regional Performance - EMEA region sales increased by 28.6%, the Americas by 10.3%, and Asia-Pacific saw a remarkable growth of 94.2% [3] Operational Efficiency - Gross margin improved to 65.7%, driven by operational efficiencies and reduced freight costs [1] - Cash and cash equivalents stood at SFr961.8m as of 30 September 2025 [3] Strategic Outlook - The company highlighted brand momentum, recent athletic achievements, collaborations, and new store openings in key locations such as Palo Alto, Zurich, and Tokyo [4] - Co-founder Caspar Coppetti emphasized the company's focus on innovation and performance, which continues to build consumer trust and strengthen the business core [5][6]

Core Insights - The Baron Asset Fund underperformed for the second consecutive quarter, declining 4.23% in Q3 2025, while the Index gained 2.78% [3] - The underperformance was primarily due to the Fund's underexposure to Momentum, Beta, and Residual Volatility factors, which led the market higher [3] - The Fund's overexposure to Earnings Quality negatively impacted performance as lower quality stocks rallied during the quarter [3] Sector Performance - Stock selection in IT and Communication Services accounted for about three-quarters of the underperformance, with significant declines from Gartner, Inc. and StubHub Holdings, Inc. [4] - Weakness in Consumer Discretionary was broad-based, with notable declines from Choice Hotels International, Inc. and On Holding AG [5] - Financials were hindered by FactSet Research Systems Inc. and Morningstar, Inc., affected by industry-wide concerns regarding AI and a shift in investor focus [7] - Health Care showed solid stock selection, driven by strong performance from IDEXX Laboratories, Inc. [8] Key Contributors - IDEXX Laboratories, Inc. contributed 1.13% to returns, benefiting from improved foot traffic and revenue growth in its Companion Animal segment [9] - Amphenol Corporation gained 1.01% as expectations for data center spending rose, bolstered by a significant acquisition [10] - SpaceX reported substantial growth in its Starlink service and continued advancements in rocket technology [11][12] Key Detractors - Gartner, Inc. detracted 2.31% from performance due to disappointing earnings and decelerating contract value growth [13] - StubHub Holdings, Inc. faced challenges post-IPO, with investments impacting near-term results [16] - Verisk Analytics, Inc. was affected by a conservative outlook and concerns about the property and casualty insurance market [17]

Core Viewpoint - The company aims to establish itself as the most premium global sportswear brand, with a focus on strong product momentum in the Asia-Pacific region [1] Company Strategy - The CEO of On Holding emphasizes the strategy to build a premium sportswear brand [1] Market Performance - The company's products are experiencing strong momentum specifically in the Asia-Pacific market [1]

Welcome back. Take a look at shares of the sportsear company surging after reporting this beat on the top and the bottom line in Q3 raising guidance into year end. Reporting some strong demand in the US despite some price increases and signaling no plans for any Black Friday discounts.Joining us this morning in a first on CNBC interview is CEO Martin Hoffman. Martin, so much to get to. Thanks for being with us today. >> Thanks for having me.>> Does this quarter reflect some kind of an inflection point uh wi ...

Financial Data and Key Metrics Changes - The company achieved record net sales of CHF 794.4 million, growing 24.9% year over year on a reported basis and 34.5% at constant currency [17][30] - Gross profit margin reached 65.7%, an increase of 510 basis points year over year, while adjusted EBITDA margin was 22.6%, up 370 basis points year over year [25][26] - Adjusted EBITDA grew nearly 50% year over year, amounting to CHF 179.9 million [17][25] Business Line Data and Key Metrics Changes - Performance footwear net sales reached CHF 731.3 million, increasing by 21.1% year over year on a reported basis and 30.4% at constant currency [22] - Apparel category net sales reached CHF 50.1 million, an increase of 86.9% year over year on a reported basis and 100.2% at constant currency, with over 1 million apparel units sold in a single quarter for the first time [23][30] - Direct-to-consumer (D2C) channel net sales reached CHF 314.7 million, an increase of 27.6% year over year on a reported basis and 37.5% at constant currency [17] Market Data and Key Metrics Changes - Asia Pacific region delivered net sales of CHF 144.9 million, up 94.2% year over year on a reported basis and 109.2% at constant currency, now approaching 20% of total sales [21] - Americas net sales reached CHF 436.2 million, growing 10.3% year over year on a reported basis and 21% at constant currency [19] - Europe, Middle East, and Africa (EMEA) net sales reached CHF 213.3 million, up 28.6% year over year on a reported basis and 33% at constant currency [20] Company Strategy and Development Direction - The company aims to be the most premium global sportswear brand, focusing on brand awareness and premium positioning [12][52] - The strategy includes expanding the apparel business as a standalone growth pillar, with a focus on D2C channels and retail presence [15][42] - The company plans to double net sales by 2026, implying a 26% net sales constant currency CAGR over three years [32][33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the brand's momentum and the ability to maintain premium pricing despite external challenges [30][66] - The company anticipates strong growth across all regions, with a focus on maintaining a full-price sales strategy during the holiday season [77][78] - The outlook for 2026 includes a constant currency growth expectation of at least 23%, supported by a robust product pipeline and strategic investments [31][56] Other Important Information - The company opened new flagship stores in key markets, including Tokyo and Zurich, which contributed to record sales [13][18] - The company is leveraging collaborations with cultural icons to enhance brand appeal among younger consumers [10][87] - The cash balance at the end of Q3 stood at CHF 961.8 million, reflecting strong operational cash flow management [28] Q&A Session Summary Question: Can you discuss the traction in apparel and its regional performance? - Management highlighted strong traction in apparel, accounting for about 8% of total business, with significant growth in running, training, and tennis categories [38][39] Question: How do you balance top-line growth with margin protection? - Management emphasized the importance of discipline in inventory management and maintaining a premium business model to protect margins while driving growth [45][46] Question: Can you elaborate on the 2026 guidance and growth expectations? - Management confirmed that the 2026 guidance is based on constant currency and reflects strong growth across all regions, with a focus on brand awareness and premium positioning [51][56] Question: What is the outlook for gross margin in Q4? - Management indicated that there is potential for margin upside in Q4, supported by operational improvements and favorable market conditions [60][61] Question: How is the company connecting with younger consumers? - Management noted successful collaborations with cultural figures and the launch of a kids line, which has resonated well with younger demographics [87]

Financial Data and Key Metrics Changes - The company reported net sales of CHF 794.4 million, representing a year-over-year growth of 24.9% on a reported basis and 34.5% at constant currency [17][30] - Gross profit margin reached 65.7%, an increase of 510 basis points year-over-year, while adjusted EBITDA margin was 22.6%, up 370 basis points year-over-year [25][31] - Adjusted EBITDA grew nearly 50% year-over-year, amounting to CHF 179.9 million [17][25] Business Line Data and Key Metrics Changes - Performance footwear net sales reached CHF 731.3 million, growing 21.1% year-over-year on a reported basis and 30.4% at constant currency [22] - Apparel category net sales surged to CHF 50.1 million, an increase of 86.9% year-over-year on a reported basis and 100.2% at constant currency, with over 1 million apparel units sold in a single quarter for the first time [23][30] - Direct-to-consumer (D2C) channel net sales reached CHF 314.7 million, up 27.6% year-over-year on a reported basis and 37.5% at constant currency [17][30] Market Data and Key Metrics Changes - Asia Pacific region net sales grew to CHF 144.9 million, a remarkable increase of 94.2% year-over-year on a reported basis and 109.2% at constant currency [21] - The Americas reported net sales of CHF 436.2 million, growing 10.3% year-over-year on a reported basis and 21% at constant currency [19] - Europe, Middle East, and Africa (EMEA) saw net sales of CHF 213.3 million, up 28.6% year-over-year on a reported basis and 33% at constant currency [20] Company Strategy and Development Direction - The company aims to maintain its position as the most premium global sportswear brand, focusing on brand awareness and premium positioning [12][30] - The strategy includes expanding the apparel business as a standalone growth pillar, with a focus on D2C sales and enhancing the customer experience [15][44] - The company plans to continue investing in innovation and technology, with a strong product pipeline set to launch in 2026 [9][31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the brand's momentum and the effectiveness of its premium strategy, particularly in the face of price increases and tariff impacts [19][66] - The company anticipates strong growth across all regions, with a focus on maintaining full-price sales and avoiding discounting strategies [67][74] - The outlook for 2026 includes a constant currency growth expectation of at least 23%, supported by a robust product pipeline and strategic investments [33][56] Other Important Information - The company opened new flagship stores in key markets, including Tokyo and Zurich, which contributed to record sales [13][18] - The successful launch of collaborations with cultural icons like Zendaya and Burna Boy is enhancing brand appeal among younger consumers [10][84] - The company is leveraging operational efficiencies to improve its cash conversion cycle and maintain a strong cash balance of CHF 961.8 million [28] Q&A Session Summary Question: Can you discuss the traction in apparel and its regional performance? - Management highlighted strong traction in apparel, accounting for about 8% of total business, with significant growth in running, training, and tennis categories [38][39] Question: How does the company balance top-line growth with margin protection? - Management emphasized the importance of disciplined inventory management and maintaining a premium business model to protect margins while driving growth [47][49] Question: What is the outlook for U.S. growth compared to other regions? - Management indicated that U.S. growth remains strong, supported by effective price increases and brand awareness, while also noting significant growth opportunities in Asia and EMEA [66][70] Question: Can you elaborate on the younger consumer segment? - Management noted that the younger consumer segment is becoming increasingly important, with successful collaborations and a growing kids line contributing to this trend [84][86]

Financial Data and Key Metrics Changes - The company achieved record net sales of CHF 794.4 million, growing 24.9% year over year on a reported basis and 34.5% at constant currency [17][30] - Gross profit margin reached 65.7%, an increase of 510 basis points year over year, while adjusted EBITDA margin was 22.6%, up 370 basis points year over year [25][31] - Adjusted EBITDA grew nearly 50% year over year, amounting to CHF 179.9 million [17][25] Business Line Data and Key Metrics Changes - Direct-to-Consumer (D2C) channel net sales reached CHF 314.7 million, increasing by 27.6% year over year on a reported basis and 37.5% at constant currency [17] - Wholesale channel net sales were CHF 479.6 million, increasing by 23.3% year over year on a reported basis and 32.5% at constant currency [18] - Apparel category net sales reached CHF 50.1 million, an increase of 86.9% year over year on a reported basis and 100.2% at constant currency [23] Market Data and Key Metrics Changes - Asia Pacific region delivered net sales of CHF 144.9 million, up 94.2% year over year on a reported basis and 109.2% at constant currency, now approaching 20% of total sales [20] - Americas net sales reached CHF 436.2 million, growing 10.3% year over year on a reported basis and 21% at constant currency [19] - Europe, Middle East, and Africa saw net sales of CHF 213.3 million, up 28.6% year over year on a reported basis and 33% at constant currency [19] Company Strategy and Development Direction - The company aims to be the most premium global sportswear brand, focusing on brand awareness and premium positioning [11][30] - The strategy includes expanding the apparel business as a standalone growth pillar, with a focus on D2C channels and retail presence [15][47] - The company plans to continue investing in innovation and technology to drive long-term growth and maintain premium pricing [31][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the brand's momentum and the ability to maintain premium pricing despite market challenges [19][70] - The company raised its 2025 guidance, expecting constant currency net sales to grow by 34% year over year, up from a previous estimate of at least 31% [30][31] - Management highlighted the importance of maintaining a full-price strategy during the holiday season to build long-term brand value [80] Other Important Information - The company opened new flagship stores in key markets, including Tokyo and Zurich, which contributed to record sales [12][18] - The successful launch of new products, including the Cloud Surfer Max and collaborations with celebrities, has enhanced brand visibility and appeal [8][9] Q&A Session Summary Question: Can you discuss the traction in apparel and its performance in different channels? - Management reported strong traction in apparel, accounting for about 8% of total business, with a goal to reach double digits [40][43] - The apparel business is performing well in both D2C and wholesale channels, with a focus on showcasing products in flagship stores [43][47] Question: How does the company balance top-line growth with margin protection? - Management emphasized the importance of maintaining a premium business model, which requires disciplined inventory management to protect full-price sales [49][50] - The company has achieved a sustainable gross profit margin through pricing power and operational improvements [51][52] Question: What is the outlook for growth in the U.S. market? - Management indicated that the U.S. market is expected to continue strong growth, supported by brand awareness and premium positioning [67][70] - The company is committed to a full-price strategy and is not chasing growth through discounts [70] Question: Can you elaborate on the growth opportunities in Asia Pacific? - Management noted that Asia Pacific is experiencing significant same-store sales growth, with a disciplined approach to opening new stores [78][79] - The company is focused on building brand awareness and credibility in the region, which has high demand for premium sportswear [79]

Core Insights - NIKE Inc. is implementing a "Sport Offense" strategy to unify its brands NIKE, Jordan, and Converse, aiming for sharper focus, faster innovation, and stronger consumer connections [1][8] - The strategy is inspired by the success in running, where double-digit growth was achieved through athlete-centric innovation [1] Brand Performance - Jordan Brand remains a cultural powerhouse, while NIKE is stabilizing core franchises like Air Force 1 and Air Jordan 1 [2] - Converse is undergoing a reset under new leadership to regain profitable growth through sharper positioning and refreshed designs [2] - The combination of these three brands creates a unique ecosystem that blends performance, lifestyle, and streetwear across various price points, which is NIKE's competitive edge [2] Market Challenges - NIKE faces hurdles such as softness in sportswear, lagging sales in China, and weaker digital traffic [3] - The company must prove that its brand trio can sustain momentum across markets, with management indicating that growth may not be linear [3] Competitive Landscape - Key competitors include adidas AG and lululemon athletica inc. [4] - adidas is recovering by focusing on brand strength and profitability, seeing renewed momentum from classic lifestyle products and core performance categories [5] - lululemon is outperforming in the premium activewear space, driven by innovation in performance fabrics and strong brand loyalty [6] Financial Performance - NIKE shares have declined by 19.3% year to date, compared to the industry's decline of 20.7% [7] - The forward price-to-earnings ratio for NIKE is 30.26X, higher than the industry average of 25.91X [9] - The Zacks Consensus Estimate indicates a year-over-year earnings decline of 23.6% for fiscal 2026, followed by a projected growth of 50.5% for fiscal 2027 [10]