European Sporting Goods: Sector economics still under pressure

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European Sporting Goods: Sector economics still under pressure

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European Sporting Goods

Sector economics still under pressure

Industry Overview

Supplier data: better but still weak 20 May 2026

Supplier sales trends improved in April: the revenues of the four footwear Asia- Equity

listed suppliers we follow were only down 3.3% YoY in April, 310bps below March, Europe

despite a 9ppt harder comparison base. Thus, 2Q26TD at -3% was 2ppt better than Sporting Goods

1Q26 at -5% (Exhibit 3), although this did not prevent the 12m rolling trend to further

deteriorate to -2.0% vs -0.5% in March. For the largest supplier, Yue Yuen, April (-2.3%)

was 3ppt better than March, whilst Feng Tay (Nike overexposure) decelerated in April (-

5%), 1ppt below March. Lai Yih (adidas overexposure) improved 9ppt to a still low -8% in

April. Lastly, at Fulgent Sun, growth picked up 650bps in 1Q to +11%. This slight

improvement potentially highlights that the inventory resizing exercise of the industry is

nearing the end (lower promotionality ahead?) but also that retail demand remains weak. ThierryResearchCotaAnalyst>>

Pou Sheng sales were stable in April: the retailer’s sales stabilised in April (after -6% BofASE (France)

+33 1 5365-5819

in March and -1% in 1Q), although still pointing to muted Chinese demand (Exhibit 27). thierry.cota@bofa.com

Global trade deteriorates: In January-February (latest available data), the aggregated Ashley Wallace >>

footwear exports from the three countries we monitor (China, Vietnam, Indonesia) were Research Analyst

Merrill Lynch (Australia)

up 6% YoY vs down 2% in 4Q, but with the 12m rolling growth only up 1ppt to 4%. And, +61 2 9226 5070

we also have negative March data for China exports (-28% due Chinese New Year ashley.d.wallace@bofa.com