Nike’s Weak First Quarter Report Ripples Across Footwear Sector

by · WWD
The entrance to a Nike store.Sheldon Cooper/SOPA Images/LightRocket via Getty Images

Nike‘s warning Thursday of layoffs next year and a first quarter sales miss impacted the shares of some other shoe brands and retailers on Friday when the equity markets were mostly a sea of green.

Nike shares were down 6.6 percent to $32.84 in late morning trading. The Swoosh’s main competitors were mixed, with Adidas up 0.8 percent to $81.25. Puma was unchanged at $2.46.

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Among the shoe brands, Amer Sports was down 0.5 percent to $26.94, Asics slipped 0.1 percent to $26.45, Birkenstock slipped 0.2 percent to $32.92, Caleres Inc. was down 2.7 percent to $12.97, Crocs Inc. slid 0.2 percent to $119.22, Deckers Outdoor Corp. fell 1.4 percent to $78.45, Genesco inched down 0.3 percent to $34.72, On Running fell 0.4 percent to $30.08, Rocky Brands slid 0.5 percent to $45.78, Steven Madden Ltd. was down 0.5 percent to $45.48, Vans and Timberland parent VF Corp. fell 2.5 percent to $14.05, Under Armour was down 0.1 percent to $4.53, and Wolverine Worldwide as down 0.1 percent to $19.23. Lululemon also saw its shares fall by 2 percent to $93.92.

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Some shoe retailers saw their shares rise instead. Shares of Academy Sports + Outdoors was up 2.5 percent to $49.06, Boot Barn inched up 0.9 percent to $121.09, and Dick’s Sporting Goods rose 2 percent to $135.46.

Shares of Shoe Station Group Inc. was down 3.1 percent to $12.30, while Designer Brands Inc. fell 1.7 percent to $5.96 and JD Sports slipped 2.2 percent to $79.50.