Global Sportswear: Current trends in US, Europe and China (October channel checks)

We host quarterly channel checks with US, Europe, and China Sporting Goods and Running Specialty retailers for a read on current performance and expectations for the year. After a strong start to 2026, Sportswear demand is moderating and promotional intensity growing across regions, and retailers are being cautious with 2027 order books. 2026 growth is now looking ~LSD%, with Europe slightly slower and China slightly faster, but all regions still growing. Running continues to lead the growth, while Lifestyle is bogged down by promotions, a lack of newness, and lapping strong growth from key franchises LY. Retailers globally are cautious on 2027 order books, with the inventory situation expected to correct by Q1 (possibly Q2). Nike Performance product is resonating but Lifestyle remains a drag across all three geographies;