ASO - Mixed 1Q print; we remain cautious given a slowdown in recent trends and elevated macro volatility

研报英文原文证据摘录

ASO - Mixed 1Q print; we remain cautious given a slowdown in recent trends and elevated macro volatility

Truist Securities

Mgmt remains pleased with Nike/Jordan performance; no update on potential HOKA tests – ASO’s combined Nike/Jordan (NKE,

Buy) business grew +MSD% in 1Q, and mgmt expects a similar growth rate for the FY as both brands continue to scale. Notably, the

company is adding 55 more Jordan shop concepts in 2Q and will be more than doubling the Nike Vomero door count (to ~150 doors)

for the back-to-school season (in addition to expansion among other products). The company has previously noted that Nike’s mgmt has

been happy with the rollout, and they have been able to secure more premium/differentiated merchandise from other vendors as well.

Given that Deckers (DECK, Buy) indicated that they would be expanding wholesale distribution for HOKA this Fall (specifically highlighting

sporting goods as an area where the brand is currently under-penetrated), many investors viewed ASO as a likely candidate for a test.

However, mgmt stated they had nothing new to announce when asked about the possibility of gaining access to HOKA.

No change to FY26 new store growth plans; adj SG&A leverage in 1Q driven by new store cadence and lapping last year’s

Jordan rollout – Adj SG&A came in at 27.3% of revenues and leveraged 100bps YOY, but we note ASO incurred ~$7.5mm in SG&A

associated with the initial Jordan rollout in 1Q25 (adj SG&A deleveraged ~280bps in 1Q25), and this year’s Jordan expansion will cost

meaningfully less (and be incurred more in 2Q). The company continues to expect modest SG&A leverage at the midpoint of guidance,

with leverage in 1H partially offset by deleverage in 2H as they ramp new store openings. While the cadence of new store openings in