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Fly News Breaks for July 29, 2019
UAA, UA, NKE, ADDYY
Jul 29, 2019 | 07:47 EDT
Jefferies analyst Randal Konik says his firm's July webscrapes illustrate that Under Armour's (UAA) percentage of product on discount is down for each month in Q2 and in July, "suggesting continued momentum" into Q3. Under Armour product is selling out, discounting is down, and inventory is controlled, says the analyst. In his survey work, Nike (NKE) still remains top-of-mind in running, however Adidas (ADDYY) "appears to be exhibiting strength too." In basketball, Nike continues to be the dominant player, with notable traction in Giannis Antetokounmpo's first signature shoe, the Zoom Freak 1, Konik tells investors in a research note. The analyst surveyed 200 footwear retailers, discussing the dynamics of Nike, Adidas, and Under Armour in both basketball and running.