1、TD SECURITIES(USA)LLCINDUSTRY UPDATEJuly 17,2024 Apparel,Footwear&Textiles:AthleticFootwear and Apparel Brands Retail&Consumer Brands Retailing/Specialty Stores:Luxury Brands Retailing/Specialty Stores:Specialty RetailDOUBLE DROP:JULY DIGITAL TRACKER ANDATHLETE BEAT VOL.36-UPSTARTS GAINJohn Kernan,C

2、FA646 562 Krista Zuber646 562 Alex Douglas,CFA646 562 THE TD COWEN INSIGHTOur digital checks and field work show momentum continues within SMID Cap into BTSand among disruptive private upstarts but remains weaker at most large cap peers.We aremost cautious on the direction of consensus growth estima

3、tes for Nike,Academy Sports,Columbia,Under Armour,VF.Inside we include proprietary analysis around pricing of top-selling SKUs by company across the athletic space.We provide time series of Google Search that identify themes.Google Search isbenchmarked to Total Google Searches(Fig.1-19).Positive Goo

4、gle Search data on a 4-week basis as of 7/7/24,Alo Yoga+78%y/y,Adidas+33%y/y,Vuori+30%y/y,Salomon+23%y/y,Figs+16%y/y,New Balance+15%and OnCloud+15%.Others to note:Ralph Lauren+10%,UGG+10%and HOKA+0%.Negative Google Search data on a 4-week avg.basis as of 7/7,Air Jordan(33%),ColumbiaSportswear(27%),A

5、cademy Sports(18%),Dicks Sporting Goods(16%),Skechers(15%)andCrocs(10%).Others to note:Nike(8%)and Lululemon(1%).(Fig.20-21).Traffic Trends-Robust Similarweb unique visitor traffic on a trailing 3-month y/y basisthrough June 2024 include HOKA.com+54%y/y,+45%,+31%,+13%and +8%.Traffic Trends-Soft Simi

6、larweb unique visitor traffic on a trailing 3-month y/y basisthrough June 2024 include (21%)y/y,(18%)y/y,(11%)y/y,(11%)y/y,(10%)y/y.Nike Top ASPs Higher Compared To Last Year;LULU Top ASPs In-Line-We Detail SectorBest Seller Pricing InsideNike(Hold):Looking at May,60%-80%of Nikes Top Sellers had ASP