NIKE, LULULEMON & UNDER ARMOUR — WHAT’S GOING ON?

Three major sportswear names. Three different problems. But one theme keeps showing up: the old growth playbook is under pressure.

$LULU just reported Q2 revenue down 4%, comparable sales down 9%, and Americas comparable sales down 12%. 

$NKE’s FY2026 revenue was essentially flat, while Q4 Direct revenue fell 7% and Greater China remained weak. Nike is still trying to rebuild momentum under its turnaround strategy. 

$UAA saw North American revenue fall 9%, with management pointing to cautious consumers and a difficult competitive environment. 

And competition is changing. On and Hoka are gaining attention, putting more pressure on established brands to deliver new products, stronger innovation and a reason for consumers to pay premium prices. 

But here’s the interesting part:

This doesn’t necessarily mean people are abandoning sportswear.

The broader athleisure market is still expected to grow. The question may be which brands capture that spending.

👟 Is this a temporary slowdown — or a genuine shift in consumer preference?

And which legacy brand has the biggest challenge ahead?