- Nike (NKE -1%) and Under Armour (UA +0.4%) are on watch after Foot Locker posts comparable-store sales growth well below estimates (+2.9% vs. +4.5% expected) for Q1.
- A big part on how to read the impact of the numbers on NKE and UA depends on what it means when Foot Locker says it "navigated well through a variety of challenges, not least of which were rapidly-shifting product-category preferences by our customers."
- Though both companies are selling more products directly to consumers (especially on the tech side), there's the question on if Foot Locker's sub-3% comp is a loss of market share or weakness in key footwear categories.
- Previously: Foot Locker lower post Q1 results (May 20)