资源描述
23H1 SAC S0850519100002 SAC S0850516070002 2023 10 18 1 Asics Mizuno Adidas Deckers Skechers Lululemon 2 23PE 21-22 PEG 1 23/8/25 3 21-22 bloomberg 23-25 1 23Q2 2 2 23H1/Lululemon/Asics 78%/120%/60%+/40%3 4 1 2 ASP 3 4 DTC 5 TSA RPK Booking Expedia 2019 24H1 23H1 19 16.2%45.7%EBITDA margin 23H1 18.8%3.4pct 19 Tumi+2 ZXFUyRmRtQpOqOsRrMqPpO6MaObRsQqQoMtQkPmNmMfQnMzR9PrQnOvPnQmPMYsQnQ 1 Asics Mizuno Adidas Deckers Skechers Lululemon 2 23PE Bloomberg 21-22 PEG 1 3 21-22 23-25 23/8/25%2023E-2025E CAGR%2023E-2025E CAGR%PE 23E X PEG 2023E 2024E 2025E 2023E 2024E 2025E Nike-16.6 5075 5754 6668 14.6 50927 53806 58050 6.8 29.43 2.0 Adidas 40.7-267 789 1380-21530 23345 25591 9.0-128.50 Lululemon 12.4 1274 1512 1707 15.7 8030 9506 10797 16.0 35.93 2.3 Deckers 30.7 495 591 668 16.2 3558 4016 4455 11.9 27.56 1.7 Puma 8.4-8982 10060 11267 12.0-Columbia-19.1 289 331 375 13.9 3558 3775 4049 6.7 15.04 1.1 Skechers 15.6 536 624 711 15.2 8116 8992 9971 10.8 13.99 0.9 VF-30.5 807 790 921 6.8 11600 11525 12136 2.3 9.25 1.4 Mizuno 62.8 6876 9986 10922 26.0 196207 220144 226244 7.4 17.70 0.7 Asics 72.0 29664 34310 39234 15.0 562103 595362 629257 5.8 32.09 2.1 Footlocker-53.8 400 119 218-26.3 8556 7986 8116-2.6 4.10-0.2 Dicks Sporting Goods-5.6 1056 1061 1078 1.0 12244 12825 13068 3.3 9.14 9.0-44.9 4488 5422 6434 19.7 29587 34308 39474 15.5 21.94 1.1-13.6 9729 11648 13743 18.9 62113 71522 81717 14.7 25.72 1.4-9.6 1157 1426 1751 23.0 15062 17781 20778 17.5 17.93 0.8 361-15.8 912 1067 1252 17.1 8204 9537 11110 16.4 9.13 0.5 Bloomberg PEG=PE 23E/CAGR 23-25 Puma Mizuno Asics 361 3 2023 1 23Q2 2 2 23H1/Lululemon/Asics 78%/120%/60%+/40%3 4 2021-2023 2021/2022/2023 Nike Adidas Puma VF UA 2021/2022/2023 Wind 2023-2027 2023/10/16 5 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 5 2023-2027 2023/10/16 6 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%6 Euromonitor 7 23H1 Fila op margin 21H1 23H1 Amer Sports 9.8 5.16 peak performance 11.3 23H1 Amer 1.5 0.79 Wind 2021H1 2021H2 2022H1 2022H2 2023H1 228.1 265.2 259.7 276.9 296.5YOY 55.5%27.2%13.8%4.4%14.2%38.4 38.8 35.9 40.0 47.5YOY 131.6%10.7%-6.6%3.1%32.3%105.8 134.3 133.6 143.6 141.7YOY 56.1%49.7%26.3%6.9%6.1%DTC 20 8 37.0 48.5 66.4 70.5 80.9YOY/231.6%79.3%45.3%21.8%36.1 46.1 45.7 51.1 46.4YOY 70.4%55.3%26.6%10.8%1.4%32.7 39.7 21.5 22.1 14.5YOY-29.9%-12.5%-34.1%-44.4%-32.6%FILA 108.3 110.0 107.8 107.5 122.3YOY 51.4%6.8%-0.5%-2.3%13.5%14.1 20.9 18.3 25.8 32.5YOY 90.1%32.7%29.9%23.5%77.6%52.8%51.7%55.1%52.3%55.8%FILA 72.3%68.8%68.6%64.1%69.2%70.5%71.4%74.2%70.1%73.4%23.1%20.1%22.0%20.8%21.0%fila 29.0%20.0%22.5%17.4%29.7%21.0%16.7%21.6%19.9%30.3%Wind 8 23H1 23H1 1pct 28.2%0.9pct Wind 9 23H1 21H1/22H1/23H1 41.5%/42.2%/43.1%23H1 op margin 3.9%120%saucony+saucony Wind 10 361 2021H1 2021H2 2022H1 2022H2 2023H1 3107.1 2826.4 3653.8 3307.1 4311.5 Yoy(%)15.7%15.8%17.6%17.0%18.0%401.4 200.3 550.9 196.2 703.6 Yoy(%)32.9%77.1%37.2%-2.0%27.7%41.8%41.5%41.5%39.5%41.7%12.9%7.1%15.1%5.9%16.3%1380.5 1151.5 1480.4 1373.3 1901.2 Yoy(%)22.5%20.7%7.2%19.3%28.4%43.1%43.1%43.5%38.7%43.5%1167.7 979.3 1382.4 1065.1 1362.4 Yoy(%)6.1%8.7%18.4%8.8%-1.4%41.2%41.6%41.5%41.7%40.2%35.0 33.9 45.5 50.2 69.4 Yoy(%)21.1%41.5%30.2%48.2%52.4%39.3%37.6%35.6%36.3%31.3%361 498.2 608.7 683.1 759.1 910.9 Yoy(%)24.0%14.7%37.1%24.7%33.4%42.0%40.5%40.7%41.1%42.4%25.7 53.0 62.5 59.4 67.6 Yoy(%)-6.5%69.6%143.4%12.0%8.2%2.3%17.7%7.4%-2.6%20.5%23H1 23H1 38%10.8 25%86%22 4pct 23H1 162 22 9 7.8pct 56.4%3 132 23H1%23H1 23H1/361 9633/7448/8031/8090 22 22 30/-155/198/322 2023 361 2 23H1/361 25%361 11/361 2018-2022 2018-2023 Wind 2023H1-700-500-300-1001003005002018H1 2018H2 2019H1 2019H2 2020H1 2020H2 2021H1 2021H2 2022H1 2022H2 2023H1 FILA 361 1%0%34%38%33%25%25%25%0%5%10%15%20%25%30%35%40%361 23H1/361 123/57/113/86-21/+3/+9/+10 23H1/361-21%/+7%/+4%/+34%22-24%/-13%/+5%/3%Wind 12-40%-30%-20%-10%0%10%20%30%40%50%60%2018 2019 2020 2021 2022 2023H1 361 0501001502002502017 2018 2019 2020 2021 2022 2023H1 361 Wind 13 23H1/361 102/19/3/0.02+104%/+23%/+199%/-91%258/64/37/36-200204060801001201402017 2018 2019 2020 2021 2022 2023H1 361 0501001502002503002018 2019 2020 2021 2022 2023H1 361 23Q2 Nike/Adidas/Puma/Deckers/VF/Skechers/Lululemon/Footlocker/Dicks Sporting Goods 9 Adidas Yeezy 22Q4 VF Vans Footlocker Deckers Q2 23H1 Deckers Skechers lululemon Q2 Nike/Adidas/Puma/Deckers/Skechers/VF/lululemon-1.4/+0.6/-1.7/+3.3/+4.6/-1.3/+2.3pct 23Q2 Adidas Nike Puma 23Q2 19Q2 cagr 22Q2 19Q2 cagr lululemon 23Q1/Q2 79.1%/61.3%23Q2 Adidas Puma lululemon 2 23H1 Deckers Skechers Dicks Dicks 14 23Q2 WIND 2019Q1-2023Q2 15 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 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%219.5%-13.0%25.2%31.6%-23.1%-179.9%11.1%12.2%71.1%291.0%23.5%6.9%-3.7%-4.6%-21.7%0.0%-11.2%-28.4%Adidas 6.10%4.7%9.1%11.5%-19.2%-35.0%-7.0%-5.0%20.2%51.5%3.4%-0.1%0.6%10.2%11.4%-89.9%-0.5%-4.5%17.10%33.8%-1.9%54.2%-95.9%-159.6%-10.7%-5.4%2050.4%228.4%70.6%35.3%-11.6%-24.1%-64.4%-340.8%-108.1%-71.4%Puma 16.6%16.9%19.0%20.6%-1.5%-32.3%7.2%2.8%19.2%91.2%20.0%15.8%23.5%26.0%23.9%24.3%14.4%11.1%40.1%59.7%29.7%55.0%-61.6%-293.2%13.0%38.8%201.7%150.9%26.6%-68.0%10.8%72.5%1.8%-82.3%-3.4%-34.7%Deckers-1.6%10.5%8.0%7.4%-4.9%2.3%15.0%14.8%49.7%78.2%15.8%10.2%31.2%21.8%21.2%13.3%7.6%10.0%16.3%-36.4%4.6%2.7%-32.9%-58.8%30.5%26.8%107.9%703.6%0.5%-8.8%105.7%-6.8%-0.6%19.6%33.4%41.7%Skechers 2.1%10.9%15.1%23.1%-2.9%-42.1%-3.6%-0.4%15.5%127.8%19.2%24.4%26.8%12.4%21.1%14.0%10.0%7.8%-7.6%66.0%13.6%25.7%-54.9%-190.6%-37.6%-10.4%133.2%-337.6%60.3%655.0%18.9%-34.4%-16.7%-81.2%32.4%69.0%VF 6.0%6.3%5.4%4.9%-10.8%-47.5%-18.0%-5.8%22.8%103.8%22.6%22.0%9.4%3.1%-3.7%-2.6%-3.0%-7.8%-51.0%-69.3%28.0%0.3%-475.5%-681.6%-60.6%-25.4%118.5%213.7%80.8%49.1%-9.7%-82.7%-125.5%-1.9%-365.8%-2.6%Lululemon 20.4%22.1%22.5%19.7%-16.7%2.2%22.0%23.8%88.1%60.7%29.8%23.1%31.6%28.8%28.0%30.2%27.0%20.0%28.5%30.5%33.4%36.4%-70.4%-30.6%14.0%10.7%406.3%139.7%30.7%31.7%31.1%39.1%36.0%-72.4%-53.9%18.0%Dicks Sporting Goods 0.6%3.8%5.6%4.7%-30.6%20.1%22.9%19.8%118.9%20.7%13.9%7.3%-7.5%-5.0%7.7%7.3%5.3%3.6%-4.3%-5.7%52.2%-31.9%-211.8%146.0%207.8%214.5%662.4%79.0%78.6%58.0%-28.0%-35.7%-28.0%-32.0%16.9%-23.3%Footlocker 4.6%-0.4%3.9%-2.2%-43.4%17.1%9.0%-1.4%83.1%9.5%3.9%6.9%1.0%-9.2%-0.7%-0.3%-11.3%-10.2%4.2%-31.8%-3.8%-10.8%-157.0%-25.0%112.0%-8.2%283.6%855.6%35.1%-16.3%-34.2%78.1%-39.2%-81.6%-72.9%-105.3%23Q2 16 WIND 2019Q1-2023Q2 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 Nike 45.2%45.5%45.7%44.0%44.3%37.3%44.8%43.1%45.6%45.8%46.5%45.9%46.6%45.0%44.3%42.9%43.4%43.6%11.5%9.7%12.8%10.8%8.4%-11.2%14.3%11.1%14.0%12.2%15.3%11.8%12.8%11.8%11.7%10.0%10.0%8.0%Adidas 53.6%53.5%52.1%49.0%49.3%51.0%50.0%48.7%51.8%51.8%50.1%49.0%49.9%50.3%49.1%39.1%44.8%50.9%10.8%9.7%10.1%2.9%0.5%-8.8%9.7%2.8%10.5%8.0%17.1%4.1%9.2%5.5%5.4%-9.9%-0.6%1.8%Puma 49.0%49.3%49.7%47.3%47.6%43.9%47.0%48.0%48.5%47.5%47.4%48.2%47.2%46.5%46.8%44.0%46.5%44.8%7.2%4.1%6.8%1.2%2.8%-11.5%7.2%1.6%7.1%3.1%7.6%0.4%6.3%4.2%6.2%0.1%5.3%2.6%Deckers 51.5%47.0%50.4%54.1%51.5%50.3%51.2%57.0%53.2%51.6%50.9%52.3%48.7%48.0%48.2%53.0%50.0%51.3%13.1%-7.0%14.4%21.5%4.3%-2.8%16.3%23.7%6.0%9.5%14.1%19.6%9.4%7.3%11.6%20.7%11.6%9.4%Skechers 46.3%48.5%48.2%47.9%44.1%50.5%48.1%48.9%47.8%51.4%49.6%48.6%45.3%48.1%41.7%48.4%48.9%52.7%8.5%6.0%7.6%4.5%4.0%-9.3%4.9%4.0%8.0%9.7%6.6%24.4%7.5%5.7%4.6%4.0%9.5%9.0%VF 50.3%56.3%54.2%57.2%53.1%52.9%50.8%54.7%52.1%52.7%53.7%56.1%52.2%54.1%51.4%54.9%49.6%52.8%4.0%2.4%20.4%14.7%-23.0%-26.5%9.8%11.7%3.5%14.8%14.5%14.3%2.9%2.5%-3.8%14.4%-7.8%-2.8%Lululemon 53.9%55.0%55.1%36.6%51.3%54.2%56.1%56.0%57.1%58.1%57.2%58.1%53.9%56.5%55.9%57.4%57.5%58.8%12.3%14.1%13.8%21.3%4.4%9.6%12.9%19.1%11.8%14.3%12.9%20.4%11.8%15.5%13.8%4.3%14.5%15.5%Dicks Sporting Goods 29.4%30.0%29.6%28.1%16.5%34.5%34.9%33.7%37.3%39.9%38.5%37.6%36.5%36.0%34.2%32.4%36.2%34.4%3.0%5.0%2.7%3.4%-4.8%10.2%7.3%7.0%12.4%15.1%11.5%10.3%9.6%10.2%7.7%6.6%10.7%7.6%Footlocker 33.2%30.1%32.1%31.5%23.0%25.9%30.9%33.1%34.8%35.1%34.7%33.0%34.0%31.7%32.0%30.1%30.1%27.4%8.3%3.4%6.5%6.3%-8.3%2.2%12.6%5.6%9.4%9.4%7.2%4.5%6.1%4.6%4.4%0.8%1.9%-0.3%ASP ASP WIND 2021Q1-2023Q2 ASP 23Q2 ASP 17 21Q1 21Q2 21Q3 21Q4 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2销量（百万双）48 54 52 58 51 64 54 52 39 52yoy 4.2%50.3%44.1%26.9%7.1%18.8%3.6%-9.6%-24.6%-17.9%美元均价（美元/双）12 13 13 13 13 14 15 14 14 15yoy 11.5%-6.2%-2.2%9.0%6.3%6.5%12.2%6.6%8.9%9.2%人民币均价（元/双）78 83 86 84 81 90 102 100 95 106yoy 3.4%-14.5%-8.8%5.1%4.0%8.2%19.1%18.8%17.8%17.1%23Q2 2019 cagr 18 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 22Q1 22Q2 22Q3 22Q4 23Q1 23Q2 Adidas Nike 6.6%12.0%6.0%1.4%0.5%3.6%0.6%7.1%8.7%13.6%6.5%6.5%Asia-Pacific-38.2%-33.5%-34.8%-32.0%-28.2%-26.4%EMEA 4.5%9.8%6.3%11.2%7.5%8.1%Latin America 3.7%8.4%15.9%4.6%12.4%10.5%10.8%-2.7%-0.5%-1.1%5.8%1.6%-9.0%-15.7%-11.7%-24.3%-9.8%-10.5%APLA 3.8%6.8%4.5%2.9%5.2%5.4%EMEA-1.4%3.6%2.4%3.7%-0.2%1.4%Lululemon Puma United States 25.7%27.2%25.3%24.8%24.0%22.9%EMEA 12.2%16.3%18.6%15.8%15.1%17.3%Canada 25.6%22.6%19.2%19.9%19.2%18.8%Americas 25.1%26.7%23.2%20.8%18.8%16.8%Outside of America 37.0%40.5%42.3%38.2%42.2%43.4%Asia-Pacific-1.2%4.1%4.4%2.0%4.6%6.8%Footlocker Deckers 1.5%5.2%4.0%1.7%-1.9%1.2%America 27.4%32.0%19.9%12.0%21.0%25.9%Dicks Sporting Goods International 14.8%28.0%11.9%14.4%15.2%24.1%12.0%11.3%14.7%11.3%10.3%9.3%WIND 2022Q1-2023Q2 23Q2 Adidas Puma lululemon 2 lululemon 23Q1/Q2 79.1%/61.3%23Q2 Adidas Nike Puma 23Q2 19Q2 cagr 22Q2 19Q2 cagr 23 23Q2 DTC VF DTC Adidas Deckers VF 19 2019Q1 2019Q2 2019Q3 2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 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%2.0%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%18.0%Adidas 年度 年度 年度 年度 Wholesale-20.2%-26.2%4.5%12.5%-2.4%8.5%3.0%1.0%3.0%-10.0%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%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%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%6.9%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%26.5%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%-0.1%-0.9%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%19.5%35.3%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%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%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%-4.7%-12.1%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%-0.6%-2.9%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%15.0%16.0%9.0%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%37.0%18.0%17.0%WIND 2019Q1-2023Q2 23H1 23H1 Deckers Skechers Dicks Dicks 20 2016 2017H1 2017 2018H1 2018 2019H1 2019 2020H1 2020 2021H1 2021 2022H1 2022 2023H1 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 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%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 55.4 3.7%-2.0%-6.0%-6.7%4.5%18.6%45.7%7.6%-22.2%-8.8%35.2%49.0%1.0%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 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%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 7.4-5.9%6.1%-1.4%-13.7%8.7%7.0%-8.1%-16.6%5.2%80.4%83.4%31.3%-11.9%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 13.4%24.6%22.8%-1.1%4.0%23.9%20.1%-5.0%2.9%44.7%47.9%23.6%-4.7%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 27.9-0.3%19.7%19.9%-17.8%-30.7%11.7%1.5%-31.2%-13.3%19.6%92.4%101.4%19.2%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%25.9%28.1%36.1%24.8%17.4%49.3%85.1%49.8%13.5%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%-5.0%FootLocker(13.1 12.9 12.8 12.5 12.69 12.3 12.1 11.9 9.2 10.8 12.7 16.4 16.4 18-3.7%-2.2%-2.8%-0.7%-2.2%-4.8%-2.7%-23.6%-9.5%37.2%52.1%29.8%11.0%WIND 2016-2022 2016-2023 Adidas 23 Deckers Skechers VF lululemon 2023 2022Q1 Nike23Q4 Adidas/Puma/Skechers/lululemon/Footlocker/Dicks 23Q2 Deckers/VF 24Q1 21 EPS Nike 2023/6/1-2024/5/31 Adidas 2023/1/1-2023/12/31 4.5 Puma 2023/1/1-2023/12/31 EBIT-7.9%+4.6%Deckers 2023/4/1-2024/3/31+9.7%EPS+12.3%+14.9%Skechers 2023/1/1-2023/12/31+6.8%+8.8%EPS+36.6%+42.9%VF 2023/4/1-2024/3/31 EPS+561%626%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-63.7%-58.1%Dicks Sporting Goods 2023/2/1-2024/1/31 02.0%EPS+5.1%+12.5%2019 19%19%-100%-80%-60%-40%-20%0%20%40%60%80%2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2022Q4 2023Q1 2023Q2 booking expedia 22 Bloomberg TSA RPK 2019%Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 H1 2023-26.1%-77.9%-64.7%-58.1%-57.3%-52.2%-37.6%-28.0%-25.6%16.1%0.6%-2.2%18.0%16.2%North America-24.0%-74.0%-64.3%-56.6%-57.9%-44.3%-29.9%-21.3%-21.6%-17.0%-0.8%-1.5%3.6%7.1%Asia-32.7%-75.6%-63.4%-56.1%-49.9%-56.0%-48.7%-39.3%-38.6%-34.5%-13.9%-14.2%16.5%18.0%Europe-23.4%-85.7%-65.7%-67.1%-70.9%-60.4%-35.5%-28.4%-21.5%9.9%20.6%11.5%29.4%26.6%Latin America-7.5%-94.3%-74.2%-51.8%-51.1%-48.9%-14.6%7.7%28.7%34.6%38.0%23.0%73.9%69.0%2019 22Q2 2019 21Q4 23Q1 2023 7 19 18%-19%23Q2 24H1 23 Bloomberg 2020 EBITDA margin 22 19 23 2010 2011 20
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