2025-06-03-Bernstein-美国服装及专业零售_美国运动服装需求追踪（2025年5月）_28页_1mb

报告摘要

Traffic and Spend: Demand remains sluggish through April and May, though improving from Q1. Major brands (Nike, Lululemon) saw slight pickup in foot traffic and sales. Emerging brands like On, Altra, and Hoka outperformed in both foot and web traffic due to growing brand awareness.
Specialty Retailers: Outperformed large sporting goods retailers (e.g., Foot Locker, Dicks Sporting Goods) in web traffic growth.
Inventory: No inventory concerns observed; markdown breadth and depth slightly declining, indicating leaner inventory but stable supply levels.

Nike: Average realized price on DTC site increased by ~HSD-LDD% due to ongoing clearance efforts.
Adidas: Average price decreased by ~HSD-LDD%, reflecting mix changes (e.g., lower-priced SKUs, Kids Terrace).
Lululemon: Slight year-on-year price increase, aided by new full-price launches alongside SKU growth.
Others: Varies by brand, with some emerging brands showing higher price growth (e.g., Alo Yoga +160% YoYo sales).

Tariffs: Expected pricing adjustments as tariff-induced increases take effect.
Inventory Lean: Brands will order cautiously into H2 2025 to manage inbound shipments and mitigate demand slowdown risks.

Outperform: Nike, On, Adidas, Lululemon.
At Risk: Larger incumbents (Nike, Lululemon) may face heightened risk in scenarios of demand slowdown. Smaller brands with higher US market shares positioned outside the top 5 may provide protection.