Summary of the Conference Call on China Athletic Wear Sales Trends Industry Overview - The conference call focused on the China athletic wear industry, highlighting the sales trends for major brands like Nike and Adidas [1][2]. Key Insights Overall Market Conditions - The athletic wear sales growth rates in China for December, January, and February are challenged, with notable differences in brand performance [1]. - Nike is struggling, with sales falling below expectations, while Adidas is outperforming expectations [1][3]. Brand Performance - Nike: - Sales growth is likely running at -LSD% (low single digits) and is a few hundred basis points below expectations [3]. - Sales growth has decelerated slightly since December, indicating a potential loss of market share [3]. - Inventory levels have worsened over the last couple of months [3]. - The expert attributes Nike's struggles to a lack of product innovation [3]. - Future growth is expected to be flat to slightly down, but innovation improvements are anticipated by 4QCY25, potentially aligning growth with the industry at +M to +HSD% over the next year or two [3]. - Adidas: - Sales performance has accelerated to the high-teens year-to-date after a softer December, surpassing expert expectations [4]. - Growth is driven by the Terrace franchise, particularly the Samba, along with strong performances from other franchises like Gazelle and SL72 [4]. - The Adizero line and the apparel segment are also performing well, supported by a notable influx of new products [4]. - Optimism remains for Adidas to achieve HSD to LDD (high single digits to low double digits) sales growth in 2025F [4]. Consumer Behavior - Macroeconomic uncertainty is leading to cautious consumer spending in China, with a notable shift towards online shopping channels, which are generally more promotional than brick-and-mortar stores [2]. Additional Insights - Promotions have generally increased year-over-year, and while inventory levels are elevated, they are not excessively high at this point [1]. - The overall consumer spending environment remains choppy, reflecting broader economic uncertainties [2]. Conclusion - The China athletic wear market is currently facing challenges, with Nike underperforming and Adidas showing strong growth. Consumer behavior is shifting towards online channels, influenced by economic uncertainties. Future growth prospects for both brands will depend on product innovation and market conditions.
行业专家电话会议纪要：中国运动服饰销售趋势-耐克表现疲软，阿迪达斯表现良好