JefferiesEquityResearchUSAILifestvle&Growth PlatformsMay27,2025Fitness & Athleisure Chronicles: NKE NKENKE..Just Buy ItOur Finess &Atheisure Chonicles provide a weekly update on news inthe fitness and athleisure industries, as we think it is important to stayknowledgeable onallcompanies in the industries, not just the oneswe coverThisweek,wehighlight:1)TARIFFTALK;:2)ShowMetheData:3)NKExAMZN4)HOKAEanings:5)PLNTSummerPass6)iFITxReformRXurweeky TARIFTALK,wehigihightarffeand companies relevant to ourcoverage.Thishemesicluded 1)Unoatunate ShipmentTimingbuts;3) Presening Value -4)Getingout ofCThina;5) Cost-shaingnAthleticApparelCategory in OveraYear.Nikeonthofpositivegrowth after aory to deliverits first non-negative month(+0.0%) in over ayearck Into #1 eComm Platform. Nike is returning toAmazon for theuppling products diecty. This move expands Nie's reach via theas the #I athletic footwearuct appeal, we believe Nike's growth potential remains strongressed and CEO Eliott Hil is, in our view, making all the right moves toowed that HOKA brand sales1.With Nike stepping upinnovation andandalJ.Konik*|EquityAnalystgher*|Equity Associatehnson*|EquityAssociate(212)778-833911johnso>1(212)444298Imsol,jc@iefertes.comreyTarlowe*|EquityAnalyst212)323-75411ctarlowe@leffertes.comreno-Cheek*|Equity Associate comes amid a surge in Pilates equipment innovation and competitionie Cohu*|EquityAnalyst(212)7788701/kaohu@jeffries.com
JefferiesLifestyle&GrowthPlatformsMay27.2025CompanyValuation/RisksFor Important Disdlosure infomation an companies recommended in this report, please visit our web site at htps/javatar bluematrix. com/ selside/Certitication:ythatalloftheviewsexpressed in this researchreport accuratelyreflecatmypersonal views about the subject securitylies) and subjecuratelyreflect my personal views about the subject security(lies) and subjectensation was, is, or willbe, directlyor indirectly,related to the specificrecommendationsor views expresseut thesubiectsecuritvlies)andsubiect's about the subjectsecurity/(ies) andthe spedificrecommendations orviewsabout thesubject securitylies) and subjectcial instruments discussedinthisreport receivescompensationa doing so.Aside fromcertain industry reports published on a periodic basi, the large majprity of reports are published atiregular intervalinvestment RecommendationRecordMay26,202519:36P.M:Disclosuresmcommon stokStevenDeSanctsownsharesofAmazoncomcommonsharesincommoa sosk Steven DesSancdisownsharesofAmazon.comcommonsthareorsubsidiariesexpect to receiveorintend to seek compensation for investment banking services from iFlT Healtht threemonthst 12 months, Jeffenies Financial Group Inc, its afflites or subsidiaries has recelved compensationfrom investment banking services from iFTal Group Inc., its aflates or subsidiaries is acting as a manageror co-manager in the underwritingor placement of securities for iFlT Healthths 1FT Heth Fines nc ha be a dientof fefres Rnanc al Goup ht, t flatesorsubsidiaries and ivestment bankingies has acted as a manager or co...
