European Sporting Goods: Sector economics: slightly less negative

Research evidence excerpt

European Sporting Goods: Sector economics: slightly less negative

Accessible version

European Sporting Goods

Sector economics: slightly less negative

Industry Overview

Supplier data: better May trends but still weak 22 June 2026

Slight further improvement in supplier data: the sales of the four footwear Asia- Equity

listed suppliers we follow were down 2.6% YoY in May, 70bps better than in April, Europe

despite a 16ppt easier comp. base. This implies 2QTD at -3% (vs -5.0% in 1Q26). This Sporting Goods

trend may highlight that the industry’s inventory resizing exercise is nearing the end

(lower promotionality ahead?) but also that retail demand is weak. Meanwhile, the 12m

rolling trend further deteriorated, slowing 10bps vs April to -2.1% in May. Feng Tay was

the only supplier who reported YoY growth (+6.5%), up 12ppt from April with a 21 ppt

easier comp. base. The other names were in negative territory: Fulgent Sun was the

weakest performer (-23%, down 34ppt from April), while the largest supplier, Yue Yuen,

saw its trend deteriorating 90bps to -3%. Pou Sheng sales were down in May: after a Thierry Cota >>

volatile 1Q trend (-1% average), the trend slowed in May to -3% from flat in April. The Research Analyst

BofASE (France)

data still implies that 2Q26TD at -1%YoY remained in line with 1Q26. Better global +33 1 5365-5819

trade: in April (latest month where we have data for the three main markets), the thierry.cota@bofa.com

aggregated exports (weighted by the country contribution to sector sourcing) Ashley Wallace >>

accelerated back to +2% YoY, from the -11% decline seen in March. In Vietnam, exports ResearchMerrill LynchAnalyst(Australia)

recovered to flat YoY in May from -15% in April, on an easier base. US footwear +61 2 9226 5070