OVER 18%. FOR MORE ON THE STATE OF RETAIL, LET'S BRING IN BRIAN NAGLE, SENIOR EQUITY RESEARCH ANALYST AT OPPENHEIMER, WHO COVERS THE ENTIRE RETAIL SECTOR. BRIAN, GOOD MORNING.THANKS FOR BEING HERE. >> GOOD MORNING. FRANK.HOW ARE YOU. >> ALL RIGHT. SO BRIAN WAS HITTING ON THIS EARLIER WITH A GUEST.BANK OF AMERICA CAME OUT WITH SOME DATA LAST WEEK. HOLIDAY SHOPPING UP ABOUT 4.5% OVER WHAT IT WAS LAST YEAR. THAT SEEMS LIKE A REALLY GOOD SIGN FOR THE SECTOR.WHAT'S YOUR JUST OVERALL LOOK AT THE HOLIDAY SHOPPING ...

Core Insights - The competitive landscape between NIKE Inc. and Steven Madden Ltd. highlights their distinct market positions, with NIKE as a leader in performance sports and Steven Madden focusing on fashion-forward casual footwear [1][2] NIKE Inc. (NKE) - NIKE's investment case is supported by its significant scale and leadership in the global athleticwear market, with Q1 fiscal 2026 revenue reaching $11.72 billion, indicating the effectiveness of its "Win Now" strategy [3][4] - The brand experienced a more than 20% surge in running sales, and North America saw an 11% increase in wholesale, maintaining its status as a leading sportswear brand among younger consumers [4][5] - NIKE's strategic initiatives include a new Sport Offense structure aimed at enhancing product innovation and cultural relevance, alongside efforts to reset classic franchises and focus on key growth categories [5][6] - Despite challenges such as digital softness and tariff pressures leading to a gross margin decline to 42.2%, NIKE's management remains confident in returning to double-digit margins over time [6] - The Zacks Consensus Estimate for NIKE's fiscal 2026 sales suggests a modest year-over-year growth of 0.8%, with EPS expected to decline by 24.1% [12] Steven Madden Ltd. (SHOO) - Steven Madden presents a differentiated investment case with strong brand equity and diversified category exposure, achieving a 6.9% revenue growth in Q3 and expanding gross margin to 43.4% [8][11] - The company benefits from a multi-brand portfolio and a robust presence with 397 stores and seven e-commerce sites, appealing to Gen Z and millennial consumers [7][10] - Product innovation and disciplined pricing strategies are driving demand, particularly in high-demand categories like boots and casual footwear [9][11] - The Zacks Consensus Estimate for Steven Madden's 2025 sales indicates a year-over-year growth of 10.3%, with EPS expected to decline by 40.1% [14] - Steven Madden's stock has increased by 37% over the past three months, reflecting improving analyst sentiment and expectations for continued growth [8][16] Valuation and Performance Comparison - NIKE shares have declined by 17.8% in the past three months, while Steven Madden's stock has seen significant growth [16] - NIKE is trading at a forward P/E multiple of 30.29X, slightly below its five-year median, indicating a potential opportunity for long-term investors [18][19] - In contrast, Steven Madden's forward P/E multiple is at 18.32X, above its historical median, suggesting elevated market expectations for continued recovery and growth [18][20] - The analysis indicates that NIKE is viewed as a stable leader, while Steven Madden is perceived as a growth story with higher expectations [21] Conclusion - NIKE remains a global icon with unmatched scale, but the near-term outlook favors Steven Madden due to stronger price performance and improving analyst expectations [25][26] - Steven Madden's relative affordability and operational improvements strengthen its investment case, making it a compelling opportunity for growth-focused investors [26][27]

Academy Sports and Outdoors, Inc. (NASDAQ:ASO) shares are falling during Tuesday’s trading session. This occurred despite the sporting goods retailer announcing significant expansion news. The company reported five new store locations opened during the fourth quarter of 2025. • ASO is encountering selling pressure. Get the market research here.The retailer ultimately opened 24 new stores by the end of fiscal 2025. The new locations include stores in Russellville, Ark.; Seguin, Texas and Fort Wayne, Ind. Ad ...

Core Viewpoint - CITIC Securities reports that Tmall (06110) experienced a decline in revenue and net profit for FY1H26, with year-on-year changes of -5.8% and -9.7% respectively, indicating ongoing pressure from customer traffic and discounts [1] Company Summary - Tmall's revenue and net profit for FY1H26 decreased by 5.8% and 9.7% year-on-year, reflecting persistent challenges in customer traffic and discount pressures [1] - The company maintains its full-year performance guidance despite short-term weaknesses in offline customer traffic and an increasing share of heavily discounted online channels [1] - In the medium to long term, Tmall is expected to gradually return to a stable growth trajectory due to improved inventory health in the industry, recovery in sales momentum from key brands like Nike, and the performance growth of newly independent brands in running and outdoor categories such as SOAR, Norrna, and Norda [1] - CITIC Securities assigns a 15x PE for the fiscal year 2026, corresponding to a target price of HKD 3.5, and maintains a "Buy" rating for the company [1] Industry Summary - The industry is currently facing weak offline customer traffic and significant discounting pressures across all channels [1] - The shift towards online channels with deeper discounts is impacting overall channel discount levels [1] - The recovery of key brands and the introduction of new independent brands in the running and outdoor segments are anticipated to support future growth in the industry [1]

Core Viewpoint - CITIC Securities reports that Tmall's (06110) FY1H26 revenue and net profit decreased by 5.8% and 9.7% year-on-year, indicating ongoing pressure from customer traffic and discounts [1] Company Summary - Tmall's revenue and net profit for FY1H26 showed a decline of 5.8% and 9.7% respectively, reflecting persistent challenges in customer traffic and discounting pressures [1] - The company maintains its full-year performance guidance despite the short-term weakness in offline customer traffic and the increasing proportion of heavily discounted online channels [1] - In the medium to long term, Tmall is expected to gradually return to a stable growth trajectory as industry inventory health improves and sales momentum from key brands like Nike recovers, along with the performance of newly independent brands in running and outdoor categories [1] Industry Summary - The overall industry is experiencing weak offline customer traffic, with a continued rise in the share of online channels that offer significant discounts [1] - The recovery of inventory health in the industry and the sales momentum of major brands are anticipated to support a rebound in performance [1] - The emergence of new independent brands in the running and outdoor segments is expected to contribute positively to the industry's growth [1] Valuation - CITIC Securities assigns a 15x PE for Tmall for the fiscal year 2026, corresponding to a target price of 3.5 HKD, while maintaining a "Buy" rating [1]

Core Viewpoint - NIKE, Inc. is recognized as one of the top stocks to buy according to Wall Street analysts, with BTIG initiating coverage and giving it a Buy rating, setting a price target of $100 for the stock [1][2]. Group 1: Analyst Ratings and Projections - BTIG has projected that NIKE's earnings per share (EPS) will reach $1.70 for fiscal year 2026 and $2.75 for fiscal year 2027, indicating confidence in the company's recovery [2]. - The firm anticipates that NIKE can return to operating margins above 12% in the long term, with an estimated EPS of around $3.50 for fiscal year 2028 as the recovery progresses [2]. Group 2: Company Overview - NIKE, Inc. is a multinational corporation that designs, manufactures, and markets athletic footwear, apparel, equipment, and accessories under the Nike, Converse, and Jordan brands [3]. Group 3: Recovery Progress - BTIG noted that while NIKE has made solid progress in its recovery, there is still significant work to be done [1].

Core Viewpoint - The company's 1HFY26 performance met expectations, with a revenue decline of 6% year-on-year to 12.3 billion yuan and a net profit drop of 10% to 800 million yuan, while maintaining a high dividend payout ratio of approximately 102% [1][2]. Performance Review - Revenue was impacted by fluctuations in terminal retail, leading to a focus on optimizing offline channels and expanding online retail operations [1]. - The main brands, Nike and Adidas, saw a revenue decline of 5%, accounting for 88% of total revenue, while other brands experienced a 12% decline [1]. - Direct sales and wholesale revenues fell by 3% and 20% respectively, with a total of 4,688 direct stores, a decrease of 332 stores from the beginning of the fiscal year [1]. - The company opened a new running concept store, ektos, in Shanghai, showcasing innovation in offline retail formats [1]. - Online retail sales grew by double digits, supported by a diversified operational model [1]. Profitability and Cost Control - Gross margin remained stable, with a slight decrease of 0.1 percentage points to 41%, influenced by increased promotional activities in online sales and a higher retail proportion [2]. - The overall expense ratio only increased by 0.1 percentage points to 33.2%, demonstrating effective cost management despite revenue decline [2]. - The net profit margin decreased by 0.3 percentage points to 6.4%, with a net profit decline of 9.8% [2]. - Inventory management was effective, with a 4.7% decrease in inventory by the end of August [2]. - The operating cash flow was healthy, with a net cash flow of 1.35 billion yuan, supporting a high dividend payout ratio [2]. Development Trends - Management indicated that terminal retail performance in September and October would align with 2QFY26, focusing on profit maintenance and improvement in net profit margin for FY26 [2]. Earnings Forecast and Valuation - The company maintains its EPS forecasts for FY26 and FY27 at 0.21 yuan and 0.26 yuan respectively, with current stock prices reflecting 15 and 12 times the FY26 and FY27 earnings [2]. - The target price has been raised by 23% to 4.17 HKD, corresponding to 18 and 15 times the FY26 and FY27 earnings, indicating a potential upside of 20% [2].

Core Insights - Nike announced the integration of its Nike, Jordan, and Converse brands' innovation, design, and product teams to create a unified athlete-centric creative engine aimed at accelerating technological innovation and driving business growth [1] - This restructuring is part of Nike's "Sport Offense" strategy, which focuses on sharing insights, technology, and craftsmanship across teams to develop innovative performance products that help athletes push their limits [1] - The initiative aligns with the launch of four major innovation technologies: Aero-FIT performance apparel technology, Therma-FIT Air Milano, Nike Mind science, and Project Amplify, highlighting the brand's commitment to solving problems for athletes [1] Company Strategy - The integration of teams is designed to enhance collaboration and efficiency in the innovation process, ensuring that insights and technologies are shared effectively [1] - Nike's future innovations will continue to stem from its deep connections with elite and everyday athletes, as well as its leading design and product development teams [1] - The establishment of world-class research spaces is emphasized as a critical component in shaping the future of sports innovation [1]

Core Insights - Nike announced the integration of innovation, design, and product teams for Nike, Jordan, and Converse to create a new athlete-centric innovation engine [1] - This initiative is part of Nike's new "Sport Offense" strategy aimed at accelerating athlete-focused innovation and driving growth [1] - The integration is expected to enhance collaboration across teams, sharing insights, technology, and manufacturing processes to deliver revolutionary products for global athletes [1] Company Strategy - The restructuring is designed to prioritize athlete voices and experiences, focusing on their goals, challenges, and motivations [1] - Phil McCartney, Nike's Chief Innovation, Design, and Product Officer, emphasized that this marks a new era in Nike's innovation, design, and product sectors [1]

Core Viewpoint - 中金 maintains a "outperform" rating for 滔搏 (06110) with FY26/27 EPS estimates of 0.21/0.26 HKD, and raises the target price by 23% to 4.17 HKD, indicating a potential upside of 20% based on the adjusted valuation multiples [1] Financial Performance - For 1HFY26 (March-August 2025), the company reported a revenue decline of 6% year-on-year to 12.3 billion HKD and a net profit drop of 10% to 800 million HKD, aligning with expectations [2] - The company declared an interim dividend of 0.13 HKD per share, resulting in a payout ratio of approximately 102% [2] - Revenue was impacted by fluctuations in terminal retail, with the company focusing on optimizing offline channels and expanding online retail operations [2] - Revenue for the main brands Nike and Adidas fell by 5%, accounting for 88% of total revenue, while other brands saw a 12% decline [2] Gross Margin and Cost Control - The gross margin for 1HFY26 slightly decreased by 0.1 percentage points to 41%, attributed to a higher proportion of promotional online sales and increased retail share [3] - The overall expense ratio only increased by 0.1 percentage points to 33.2% due to effective cost management despite revenue decline [3] - The net profit margin for 1HFY26 was 6.4%, down by 0.3 percentage points year-on-year [3] Inventory Management and Cash Flow - The company effectively managed inventory, with a 4.7% year-on-year decrease in inventory levels by the end of August [4] - Operating cash flow for 1HFY25 was 1.35 billion HKD, with a net cash ratio of approximately 1.7, supporting the high dividend payout [4] Future Outlook - Management indicated that terminal retail trends in September-October are consistent with 2QFY26, focusing on profit maintenance for FY26 with guidance for stable net profit and improved net profit margin [5]