Nike, in the week ending January 30, saw sales in their athletic footwear division slide substantially.
According to a report by Deutsche Bank analyst Dave Weiner, and data accumulated from SportScanInfo, Nike’s sales in that division are down 9.1% from a year earlier. Nike’s Basketball sector took a hit, too, falling 13.7% in the same timeframe. This news, effectively and immediately, caused Nike (NKE) stock to decline 5% earlier this week.
Though still very much an industry titan, Nike is seeing their competition surge as a result. Both adidas and Under Armour saw double-digit gains in comparison to this time last year. Adidas, with inclusion of its ownership of Reebok, saw a stellar 24.2% hike from a year earlier. It’s also worth noting that the adidas Ultra Boost is now outright the best-selling running shoe on the market.
Under Armour saw the highest gains within the plentiful athletic footwear category with a 70.5% increase from a year prior. Yet, even with that, and with NFL MVP and brand ambassador Cam Newton playing in Super Bowl 50, their stock fell 4% earlier this week.