资源描述
2024 SAC S0850519100002 SAC S0850516070002 2023 12 12 1-10/10.2%/7.6%19/21 4.7%/2.4%19/21 13.3%/36.5%1-10/9.8%/8.3%19 13.3%/6.1%,21 4.4%/4.1%1-10/17.0%/13.1%19 9.9%/1.4%21 14.2%/6.0%Wind-100%-50%0%50%100%150%200%250%300%350%2019-012019-042019-072019-102020-012020-042020-072020-102021-012021-042021-072021-102022-012022-042022-072022-102023-012023-042023-072023-10纺 织 纱线、织物及 制品出 口额yoy（%，左轴）服 装 及衣着 附件出 口额yoy（%，左轴）-100%-50%0%50%100%150%200%2019-012019-042019-072019-102020-012020-042020-072020-102021-012021-042021-072021-102022-012022-042022-072022-102023-012023-042023-072023-10越 南 鞋类出 口同比yoy（%，左 轴）越 南 服装出 口同比yoy（%，左 轴）-60%-40%-20%0%20%40%60%80%2019-012019-042019-072019-102020-012020-042020-072020-102021-012021-042021-072021-102022-012022-042022-072022-102023-012023-042023-072023-10服 装 鞋帽、针、纺 织品类 零售额yoy（%，左 轴）全 国 网上穿 类商品 零售额yoy（%，左 轴）2 0YDWvMqNsRmNsMnOqNtMnMaQdN9PmOnNtRmPeRqRoMkPnMpN7NpPzRNZpMpRNZsPmP-Q3 23%Wind 2023-01 2023-02 2023-03 2023-04 2023-05 2023-06 2023-07 2023-08 2023-09 2023-10 5.85 4.23 0.93-1.42 2.41 0.41 0.91 2.39 2.78 1.95 11.34 9.81 1.91 0.32 1.67 2.57 4.66 7.73 4.06-8.91 3.68-2.44-3.31-2.52 0.07 2.31 1.47-0.90-4.50 1.12-0.34 0.15 2.61-2.92 0.88 0.90-0.38-16.72 6.10 2.20-0.87-2.45-0.08-0.18-10.42-6.53-5.80 0.86-3.66-11.14-4.56-2.08-6.07-4.71-4.60-6.66 4.56 5.81 4.99 3.03 3.40 1.36 1.25 2.60 1.96 0.16 6.60 6.89 3.14 2.05 1.59 1.38 1.68 3.31 2.93 0.76 3 4 SW 9 010002000300040005000600070008000电子 银行 医药生物 电力设备 食品饮料 非银金融 计算机 机械设备 基础化工 公用事业 交通运输 石油石化 有色金属 国防军工 通信 建筑装饰 传媒 家用电器 煤炭 农林牧渔 房地产 商贸零售 轻工制造 钢铁 建筑材料 环保 纺织服饰 社会服务 美容护理 综合 23Q1-3%23/11/14 Wind 11 14 0.9%30 9 23Q3 0.27%-50%-40%-30%-20%-10%0%10%20%30%40%50%60%2021 2022 2023 2021 2022 2023 0%2%4%6%8%10%12%14%16%23Q1 23Q2 23Q3 纺织服饰23Q1 纺织服饰23Q2 纺织服饰23Q3 4 A 23 11 14 A H1 H2 Wind 2023 11 14 2023 2023/6/30 2023 2023/11/14 53.5%41.2%3.0%27.9%8.0%8.9%6.8%2.4%-3.7%3.6%-3.4%39.4%19.5%20.7%5.3%20.5%A-5.9%-7.4%-17.1%-21.8%10.0%22.1%-12.4%-10.5%-10.6%-28.8%-20.4%-31.1%2.8%-2.3%/38.6%48.9%39.6%29.1%38.5%44.0%22.5%16.7%37.5%-11.1%69.4%36.9%44.3%11.2%13.2%-1.0%0.9%-3.5%27.5%27.4%12.8%16.4%10.6%15.4%8.2%-7.4%SW 3.3%0.9%3.7%-1.1%300-0.8%-7.5%5 Wind 2023 11 14 Beta alpha 2023 2023/11/14 19.2%18.7%361 9.6%-8.7%-13.8%-36.6%-64.1%Prada 2.8%8.7%-6.8%73.1%48.5%21.1%-1.0%-3.6%-11.8%-17.3%-37.0%19.6%-12.1%6 Wind 2023 11 14 Asics Deckers On running lululemon Adidas Q3 2023 2023/11/14 Asics 75.6%Adidas 44.7%Skechers 21.3%Puma-3.2%Nike-8.8%Crocs-21.5%Deckers 57.9%On Running 49.5%Lululemon 34.3%Columbia-10.7%VF-41.1%Abercrombie&Fitch 199.8%Urban Outfitter 49.3%H&M 44.2%Inditex 40.6%American Eagle 36.4%32.7%Gap 29.5%Ralph Lauren 16.2%PVH 15.4%Dicks Sporting Goods-3.1%Footlocker-41.9%LVMH 6.2%Hermes-3.9%Kering-27.1%Moncler-29.0%Canada Goose-39.9%34.7%225 25.3%500 17.1%CAC40 11.0%7 2023-2027 2023/12/11 8 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023E 2024E 2025E 2026E 2027E 13-22 CAGR 23-27 CAGR 1347 1483 1669 1904 2215 2691 3199 3123 3549 3627 4013 4399 4775 5147 5514 11.6%8.3%Yoy-3%10%13%14%16%21%19%-2%14%2%11%10%9%8%7%728 767 814 888 1005 1176 1394 1324 1520 1543 1711 1879 2043 2205 2365 8.7%8.4%Yoy-3%5%6%9%13%17%19%-5%15%1%11%10%9%8%7%619 716 855 1016 1210 1515 1805 1799 2029 2084 2303 2520 2732 2942 3148 14.4%8.1%yoy-3%16%19%19%19%25%19%0%13%3%10%9%8%8%7%2015 2013-2022 14%8.7%2023-2027 8.1%8.4%Euromonitor 8 2023-2027 2023/12/11 9 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023E 2024E 2025E 2026E 2027E 23-27 CAGR Sports Apparel 230 244 263 292 335 400 478 466 526 528 572 616 658 699 739 6.6%Yoy-14%6%8%11%15%19%20%-3%13%0%8%8%7%6%6%117 127 136 149 170 196 210 182 222 265 319 367 418 471 526 13.3%Yoy 29%8%7%10%14%15%7%-13%22%19%20%15%14%13%12%380 396 414 447 500 580 706 676 772 750 820 896 967 1035 1100 7.6%Yoy-4%4%5%8%12%16%22%-4%14%-3%9%9%8%7%6%Sports Footwear 199 234 282 338 411 521 638 642 749 779 880 981 1082 1182 1282 9.9%Yoy-11%18%20%20%22%27%23%1%17%4%13%12%10%9%8%49 57 65 73 84 95 101 87 104 119 139 158 178 198 219 12.0%Yoy 24%15%14%13%15%14%6%-14%19%15%17%14%12%11%10%370 425 509 606 716 899 1067 1070 1177 1186 1284 1381 1473 1562 1648 6.4%yoy-1%15%20%19%18%26%19%0%10%1%8%8%7%6%6%Euromonitor 9 23 22 21Q1-23Q3 21Q1-23Q3 21Q1-23Q3 Adidas21Q1-23Q3 Skechers21Q1-23Q3 VF FY21Q4-FY23Q3 NikeFY21Q3-FY23Q3 Lululemon21Q1-23Q3 Puma21Q1-23Q3 Nike23 19 21 Adidas Skechers 21 23 19 21 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 23 19 21 40-45%35-40%10-20%10-20%10-20%30%-40%10%-15%FILA 75-80%30-35%10-20%10-20%10%-20%10-20%10%-15%70%-80%15%-20%Descente Kolon 115-120%70-75%35-40%30-35%40-45%20-25%40-45%10-20%75-80%70%-75%45-50%65%-70%350%-400%120%-130%80-90%90-100%40-50%30-40%20-30%40-50%10-20%10-20%100%-110%20%-30%55%30-35%20-25%30-35%20-25%20%80%-90%45%-50%361 15%-20%15%25%-35%30%-35%Adidas 151%-16%-11%-19%-28%-35%-28%-50%-9%16.4%5.7%-5%-34%-49%Skechers 174%51%10%9%9%-20%-51%-24%3%18.6%18%13%-1%VF 81%19%9%-6%-13%-33%-15%-7%10%31%14%18%57%-7%Nike 51%17%11%-20%-5%-19%-16%-3%1%25%12%3%12%-11%Lululemon 2 90%-2 70%2 60%-30%70%-79%61%-109%Puma 40%-4%-16%-27%-37%-43%-26%1%4%36%8.6%16%-22%-26%10 2024 2024 2024 F1 11 7.26 8.11 1.12 2.10 6.14 7.14 6.20 7.14 1.14 1.28 7.1 7.14 1.29 2.4 3.11 3.17 F1 4.19 4.21 4.28 5.5 6.29 7.21 Wind 23 19 21 19 21 21 21 19 23Q1 23Q2 23Q3 23Q1 23Q2 23Q3 2019 2021 2019 2021/33.1%20.3%22.0%41.4%40.2%22.8%111.3%42.0%143.5%65.1%11.5%40.8%14.8%24.2%157.5%23.3%69.1%23.4%239.9%51.2%-9.3%9.7%1.1%48.8%295.8%89.4%-32.9%-11.2%-36.4%-11.8%-15.8%-11.9%-20.0%14.2%158.9%-314.3%4.4%-29.5%1.4%-62.2%9.0%28.2%5.1%11.1%58.5%63.1%6.0%10.0%-6.3%19.7%8.1%23.2%14.5%149.3%835.6%30.5%64.1%9.8%531.8%35.5%6.0%30.2%20.6%0.4%1785.9%-14.4%9.6%23.5%-50.5%-44.0%2.3%26.5%-3.3%9.3%40.3%-13.5%8.3%-8.8%-13.8%-25.5%-10.5%13.5%-1.6%-21.2%26.5%-30.1%-4.6%-13.9%-32.8%-52.4%4.8%46.2%-23.4%-34.3%127.3%-91.0%-0.4%-19.3%-89.1%-74.5%-10.1%22.1%4.8%218.3%130.3%118.3%-13.3%-4.4%-68.1%13.8%-3.6%11.0%-2.8%11.1%69.3%-22.2%10.6%-6.1%16.1%-15.3%-7.6%-1.9%0.9%5.3%2.3%9.2%14.8%-3.3%40.9%9.1%12 2019-2022/2023 1 2019 600 2020 585 20 VIVIENNE TAM Jean Paul Knott 2 23Q3 23Q3 22 104 19 448 A%23Q3/H1 22 19 2019H1 2019 2020H1 2020 2021H1 2021 2022H1 2022 2023H1 2023Q3 798 894 909 979 1007 1100 1125 1191 1193-1619 1678 1589 1633 1615 1676 1659 1684 1670-9404 9556 8834 8725 8733 8567 8368 8140 8136-4427 4496 4300 4616 4760 5214 4921 4671 4174 4057 7740 7254 7241 7381 7446 7652 7718 8219 8212 68842 1392 1459 1393 1355 1301 1429 1472 1430 1347 1322 577 600(585)1 553 550 541 550 571 613 631 658 1050 1104 1108 1154 1157 1199 1205 1123-574 570 550 524 506 496 491 506 511-939 1055 2466 2453 2367 2235 2104 1973 768 759-2065 1878 1609 1557 1718 1570-2800 2700 2600 2236 2274 2481 2518 2662 2692-1350-1254 1533 1525 1516 1470 1464-2019H1 2019 2020H1 2020 2021H1 2021 2022H1 2022 2023H1 2023Q3-65%-71%79%70%79%62%74%-49%41%42%41%47%39%37%34%42%-24%15%25%13%10%9%8%9%12%-71%42%72%43%48%42%37%40%48%45%-4%-10%11%12%15%15%21%20%-81%-72%-63%58%58%58%-51%-58%-65%64%82%80%80%-44%-45%45%45%35%43%-76%-73%72%70%58%66%68%-16%30%12%36%14%26%11%23%16%21%-39%39%33%38%35%32%-7%7%6%6%6%8%-28%27%27%24%25%24%25%24%25%24%13 A/23Q3 wind 23Q3 2019 1-3Q 2019 2020 1-3Q 2020 2021 1-3Q 2021 2022 1-3Q 2022 2023 1-3Q 68.0%67.8%71.2%73.9%75.3%76.7%74.8%77.4%76.6%62.2%61.7%60.7%63.4%65.3%63.9%63.8%62.7%64.6%44.4%42.5%41.9%40.3%43.2%42.6%40.4%41.3%44.1%54.7%53.2%51.4%52.5%53.6%52.9%49.9%48.2%56.3%41.8%39.5%40.1%37.4%43.9%40.6%43.3%42.9%44.8%68.7%67.7%63.7%67.7%70.5%69.6%69.5%69.2%69.2%66.1%65.9%65.0%66.2%66.4%67.0%64.1%63.8%66.9%75.5%75.0%75.4%76.6%76.2%76.6%74.7%75.4%74.8%75.4%74.7%72.7%72.0%73.1%71.5%70.0%69.4%70.1%53.9%53.0%40.3%43.3%50.6%47.1%48.3%47.1%46.2%40.4%41.1%41.3%39.9%42.9%37.8%37.3%33.1%43.0%43.4%43.9%44.2%43.2%43.2%45.0%42.6%46.0%44.7%51.8%52.0%54.1%53.9%55.1%52.1%53.1%53.1%54.6%2019 1-3Q 2019 2020 1-3Q 2020 2021 1-3Q 2021 2022 1-3Q 2022 2023 1-3Q 23.5%22.3%22.2%21.7%23.3%23.0%25.8%25.2%27.1%7.3%6.2%11.5%10.3%12.6%10.8%13.0%11.0%15.8%9.8%7.9%2.2%5.2%9.4%9.6%2.8%4.6%9.3%4.0%6.9%5.5%7.5%7.5%6.2%2.4%2.1%4.0%17.7%14.4%10.5%9.6%14.2%11.9%12.4%11.1%15.6%2.4%4.6%-52.1%-19.1%5.0%5.2%2.7%1.8%6.2%16.9%15.6%24.9%22.4%16.0%14.1%6.4%2.3%8.6%28.1%26.3%29.1%24.6%27.4%23.8%21.8%16.0%22.4%12.8%12.3%9.7%9.7%16.3%13.7%9.9%7.4%9.0%16.7%13.4%7.3%6.7%5.7%2.4%2.7%-17.1%1.6%5.6%3.6%2.0%2.1%2.2%-6.4%-7.0%-22.0%2.1%10.8%11.5%11.3%12.1%12.3%12.5%10.5%10.8%11.0%14.7%18.2%16.2%18.0%16.0%17.2%16.5%17.3%18.0%14 Q3 19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 Hermes 15.5%14.7%18.1%-6.5%-41.3%4.2%12.3%38.4%119.0%31.5%13.3%32.7%26.0%32.5%25.7%22.2%22.4%7.3%LVMH 15.5%15.1%17.0%11.5%-15.5%-37.8%-10.2%-6.3%31.7%88.6%29.8%40.1%29.0%27.3%27.4%13.3%16.8%17.0%9.0%Moncler 14.0%18.7%12.1%15.4%-18.1%-51.4%-14.9%6.9%17.8%174.9%53.5%28.7%61.4%28.2%14.9%13.0%23.2%24.9%4.9%Kering 21.9%15.8%14.2%13.9%-15.4%-43.5%-4.3%-8.2%21.4%91.1%12.6%35.1%27.4%19.6%22.7%-2.3%2.4%1.7%-13.1%Burberry 5.2%4.0%5.7%1.1%-19.8%-48.4%-20.7%-4.3%23.0%86.4%18.3%5.1%14.4%5.4%14.4%4.6%11.6%16.6%3.8%Hugo Boss 2.2%3.4%1.4%5.4%-16.4%-59.3%-26.0%-29.3%-10.5%128.7%41.7%55.3%55.3%39.6%23.6%18.0%25.4%16.9%10.1%Prada 2.0%0.9%-40.25%-10.33%-60.02%25.59%26.65%23.32%21.6%13.9%3.4%19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3 Hermes 6.6%11.1%-55.6%35.7%250.3%21.0%39.8%35.8%35.6%-LVMH 8.8%16.5%-84.0%7.1%913.2%61.4%23.5%11.9%13.0%-Moncler 13.6%6.6%-145.2%15.0%259.5%8.7%23.0%9.6%-31.2%-Kering-75.4%27.6%-53.0%8.6%442.6%-9.6%34.4%-4.2%-9.7%-Burberry-13.9%-113.8%-67.2%1241.3%193.9%-23.1%33.2%18.3%-3.1%Hugo Boss-26.0%-3.7%-15.2%-9.3%-148.6%-457.7%-92.9%-129.9%55.6%-1225.0%-505.6%-425.0%132.0%9.4%-1.2%45.8%30.0%5.0%Prada 2.0%2.0%-216.13%24.75%-153.89%56.35%93.81%40.61%62.2%-Bloomberg wind 23Q3 Hermes/LV/Moncler 21Q1 10 15 19Q1 19Q2 19Q3 19Q4 20Q1 20Q2 20Q3 20Q4 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 23Q3/Hoka 33.2%69.2%49.9%63.6%51.8%37.1%83.2%52.1%74.2%95.5%47.0%30.3%59.7%54.9%54.9%90.8%90.8%27.4%27.3%On-68.0%53.7%67.9%66.6%50.4%91.9%78.3%52.3%46.5%lululemon 17.0%18.1%18.4%16.5%-16.7%2.2%22.0%23.8%88.1%60.7%29.8%23.1%31.6%28.8%28.0%30.2%24.0%18.2%-the north face 8.0%9.0%8.0%8.0%-14.0%-45.0%-25.0%0.0%28.0%93.0%31.0%28.0%23.9%31.4%8.0%7.0%12.0%12.0%19.0%ugg-7.2%1.5%2.2%2.6%-17.9%-10.0%2.5%12.3%53.1%70.8%8.0%7.9%24.7%2.4%2.4%-1.6%-1.6%-6.0%28.1%Vans 14.0%20.0%14.0%12.0%-7.0%-52.0%-10.0%-6.0%13.0%110.0%8.0%8.0%0.1%-7.1%-13.0%-13.0%-14.0%-22.0%-21.0%Nike 7.0%4.0%7.2%10.2%5.1%-38.0%-0.6%8.9%2.5%95.5%15.6%1.0%5.0%-0.9%3.6%17.0%14.0%4.8%2.0%Adidas 6.10%4.7%9.1%11.5%-25.5%-39.2%-13.2%-12.0%20.2%51.5%3.4%-0.1%0.6%10.2%11.4%-89.9%-0.5%-4.5%-6.4%Bloomberg wind Adidas Deckers 23Q3 UGG Adidas 23 Vans 22Q2 6 23 23Q3 UGG 28%Hoka On Lululemon 20H2 The north face UGG 23Q3 Sneaker Lowmel Adidas Samba 16 Deckers lululemon Adidas Dicks Q3 Nike24Q1 Adidas/Puma/Skechers/lululemon/Footlocker/Dicks 23Q3 Deckers 24Q2 EPS Nike 2023/6/1-2024/5/31 Adidas 2023/1/1-2023/12/31 1 Puma 2023/1/1-2023/12/31 EBIT-7.9%+4.6%Deckers 2023/4/1-2024/3/31+11%EPS+18.2%+20.0%Skechers 2023/1/1-2023/12/31+6.8%8.1%EPS+39.9%+49.1%Lululemon 2023/2/1-2024/1/31+17%+18%EPS+79.9%82.2%FootLockers 2023/2/1-2024/1/31-8.0%-9.0%EPS-58.1%-63.7%Dicks Sporting Goods 2023/2/1-2024/1/31 0.5%2.0%EPS+6.2%+11.8%17 Bloomberg,TSA IATA 2019 2019-100%-80%-60%-40%-20%0%20%40%60%80%booking expedia-120%-100%-80%-60%-40%-20%0%20%Jan-20Mar-20May-20Jul-20Sep-20Nov-20Jan-21Mar-21May-21Jul-21Sep-21Nov-21Jan-22Mar-22May-22Jul-22Sep-22Nov-22Jan-23Mar-23May-23Jul-23Sep-23TSA RPK-RPK-19 booking 22Q1 23Q1 TSA RPK 23 4-8 19 RPK 23 8 19 11.5%18%Wind 22 Q3 3 8 Q3 051015202530354045502017-012017-052017-092018-012018-052018-092019-012019-052019-092020-012020-052020-092021-012021-052021-092022-012022-052022-092023-012023-052023-09坯布库存天数 纱线库存天数-60%-40%-20%0%20%40%60%2017-022017-062017-102018-022018-062018-102019-022019-062019-102020-022020-062020-102021-022021-062021-102022-022022-062022-102023-022023-062023-10-5%0%5%10%15%20%纺织业产成品存货同比增速 纺织服装及服饰业产成品存货同比增速 Q1 Q2 Q3 Q4 2017 2.45 2.45 2.45 2.44 2018 2.45 2.40 2.41 2.42 2019 2.47 2.43 2.41 2.38 2020 3.13 9.07 2.44 2.29 2021 2.11 1.87 1.90 2.01 2022 2.20 2.30 2.38 2.37 2023 2.35 2.39 2.37 19 23Q3 VF DTC Puma 2019Q1-2023Q3 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 2023Q3 Nike Wholesale 5.0%2.3%4.0%8.0%2.0%-48.1.0%-7.0%-2.0%-8.0%113.1%9.0%-5.0%-1.0%-6.6%1.0%30.0%18.0%-16.4%0.0%DTC 14.0%11.0%14.0%15.0%11.0%-16.9%12.0%32.0%20.0%73.0%28.0%9.0%15.0%7.0%8.0%25.0%22.0%1.5%6.1%Adidas Wholesale-20.2%-26.2%4.5%12.5%-2.4%8.5%3.0%1.0%3.0%-10.0%-2.0%DTC 18.0%24.1%4.1%31.0%-15.6%-0.8%6.6%13.2%6.0%2.0%-7.0%16.0%5.0%E-Com 40.0%37.0%14.0%34.0%35.0%93.0%51.0%53.0%43.0%-14.0%8.0%4.0%2.0%13.0%8.0%4.0%-23.0%14.0%1.0%Puma Wholesale 13.8%14.5%15.0%-17.5%12.3%4.0%24.3%114.2%22.6%35.0%23.3%22.6%19.9%28.2%12.4%12.4%3.1%DTC 21.5%21.3%22.0%-8.5%16.7%6.4%31.3%54.7%13.3%22.8%7.1%5.5%6.5%13.1%22.5%22.5%17.4%Deckers Wholesale 6.4%10.7%8.7%8.9%-2.9%-27.1%1.8%6.2%41.4%140.3%20.7%7.3%37.6%24.7%16.7%8.0%0.3%-0.9%19.5%DTC-11.8%10.0%5.1%5.6%-7.9%74.2%74.2%25.7%63.0%14.7%2.8%13.4%22.2%15.4%15.4%18.7%18.7%35.3%38.7%Skechers Wholesale 24.8%-9.1%-54.9%-10.9%-22.9%6.4%149.9%12.1%25.9%32.7%18.3%26.2%15.7%3.5%-5.9%-1.4%DTC 14.4%13.3%19.4%19.7%-14.2%13.1%53.7%35.9%101.5%33.1%22.8%15.7%4.3%11.9%10.8%24.5%29.1%23.9%VF Wholesale 5.0%2.0%3.0%3.0%-11.0%-55.0%-19.0%-10.0%14.0%111.0%17.0%14.0%16.0%12.6%-4.0%-3.0%-4.6%-11.9%-1.0%DTC 8.0%14.0%11.0%7.0%-11.0%-37.0%-17.0%-2.0%36.0%97.0%32.0%30.0%1.1%-6.9%-4.0%-2.2%-0.7%-2.6%-3.0%Lululemon 14.5%16.7%17.7%12.2%-48.7%-50.8%-11.7%-27.8%106.4%142.0%38.2%47.1%36.3%29.9%27.7%24.6%31.0%21.5%-DTC 24.8%23.1%23.2%25.8%67.8%154.7%93.9%94.0%54.8%7.8%22.6%16.6%32.3%29.8%30.8%33.5%15.8%15.2%-DTC 20 -23Q3 2023Q3 Dicks 23H1 bloomberg 2016-2022 23 23 2016 2017H1 2017 2018H1 2018 2019H1 2019 2020H1 2020 2021H1 2021 2022H1 2022 2023H1 2023Q3 Nike(50.3 50.6 53.3 52.6 53.9 56.2 62.0 73.7 60.9 68.5 65.1 84.2 93.3 84.5 87.0 4.6%6.0%4.0%1.1%6.9%15.1%31.0%-1.8%-7.0%6.8%22.8%43.3%0.4%-10.0%Adidas(37.6 36.4 36.9 34.3 34.4 35.8 40.9 52.1 44.0 40.5 40.1 54.8 59.7 55 48 3.7%-2.0%-6.0%-6.7%4.5%18.6%45.7%7.6%-22.2%-8.8%35.2%49.0%0.3%-23.2%Puma(7.2 8.5 7.8 8.9 9.2 10.6 11.1 12.9 11.4 13.9 14.9 19.8 22.5 21.5 18.7 10.8%8.3%4.7%17.6%19.4%21.3%21.2%2.5%7.7%31.1%42.9%50.4%8.1%-20.3%Deckers(3.7 4.4 4.0 4.4 3.4 4.7 3.7 4.3 3.1 4.6 5.5 8.4 7.2 7.4 7.3-5.9%6.1%-1.4%-13.7%8.7%7.0%-8.1%-16.6%5.2%80.4%83.4%31.3%-11.8%-21.5%Skechers(7.0 6.7 8.7 8.2 8.6 8.6 10.7 10.3 10.2 10.6 14.7 15.6 18.2 14.9 13.8 13.4%24.6%22.8%-1.1%4.0%23.9%20.1%-5.0%2.9%44.7%47.9%23.6%-5.0%-24.0%VF(14.2 16.6 17.1 19.9 14.0 13.8 15.6 14.0 10.8 12.2 12.9 23.4 25.9 27.9 24.8-0.3%19.7%19.9%-17.8%-30.7%11.7%1.5%-31.2%-13.3%19.6%92.4%101.4%19.0%-9.8%Lululemon(3.0 3.2 3.3 3.9 4.0 4.9 5.2 6.7 6.5 7.9 9.7 14.6 14.5 16.6-14.1%10.4%24.1%22.8%20.6%21.9%36.1%24.8%17.4%49.3%85.1%49.8%13.6%-Dicks Sporting Goods(19.2 17.1 18.0 18.2 21.4 22.0 18.8 19.5 20.1 23.0 30.0 28.3 28.5-6.4%6.6%19.0%20.7%-12.2%-11.3%7.2%17.6%49.0%23.2%-4.8%-FootLocker(13.1 12.9 12.8
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