Footwear and apparel stocks jump on Nike halo effect

Stephanie Keith

A powerhouse quarter from Nike (NKE) sent a large number of footwear and apparel stocks higher on hopes that inventory issues are improving for the sector. Nike (NKE) inventory was up 43% year-over-year to $9.3B in the quarter, but showed a sequential decline. That raised confidence with investors for moderating promotional and clearance activity trends in the apparel and footwear sector in 2023. Of note, Nike also pointed to strong demand across its namesake, Jordan and Converse brands despite the macroeconomic backdrop.

Advancers: Wolverine World Wide (NYSE:WWW) +6.65%, On Holding AG (ONON) +6.24%, Foot Locker (FL) +6.05%, Crocs (CROX) +5.20%, Under Armour (UAA) +5.05%, Skechers (SKX) +4.88%, Caleres (CAL) +3.77%, Oxford Industries (OXM) +3.25%, Delta Apparel (DLA) +3.13%, Lululemon Athletica (LULU) +2.59%, Shoe Carnival (SCVL) +2.44%, Deckers Outdoor (DECK) +2.13%, Columbia Sportswear (COLM) +2.18%, Steven Madden (SHOO) +2.03%, and Rocky Brands (RCKY) +2.01%.

Read more about Nike's earnings report.

Dig into the Nike earnings call transcript.