Footwear Insight

footwearinsight.com July/August 2025 ~ Footwear Insight • 31 A er a dicult Q1 where only two entrants (Crocs and Asics) posted a quarterly improvement in their respective stock price, 13 out of 18 did so in Q2. Eight companies recorded a double-digit increase in their share price for the 13 weeks ended June 30, despite the macroeconomic and supply chain challenges that faced the entire sector. Of course, the biggest development was Skechers' decision to sell to a private equity rm for $9.24 billion and go private. e segment's aggregate 2 percent stock price decline is a bit deceiving. It was dragged down largely by a 24 percent drop at VF Corp., which is continuing to cra a turnaround for its Vans' business, and an 8 percent decline at Deckers, where the Hoka and UGG parent abandoned FY26 guidance due to "macroeconomic uncertainty related to global trade policy." On, which intends to double its business over two years through 2026, is raising prices on select styles in the U.S. this month to help mitigate some tari impacts. Adidas recorded an 82 percent increase in quarterly operating income, but its North American operating prot fell 1 percent despite 6 percent sales growth in the period ended March 31. Birkenstock, meanwhile, predicted its annual sales will grow 15 to 17 percent this year aer reporting a 19 percent revenue increase in Q2 as it invested approximately $25 million to expand its production capacity. e U.K. parent of the German brand also opened its 10th retail store in Nashville. At another Britain-based company, Dr. Martens, discounting and promotions are being slashed under new CEO Ije Nwokoric as the company pushes a return to more full-price selling and protability this year. Allbirds, meanwhile, has a new, $75 million, three-year revolving credit facility in place to improve it capital position and provide additional nancial exibility. e brand debuts a new website this month. n BRAND INDEX: TURNAROUNDS, RECOVERIES Brands % Change per Quarter 03/31/25-06/30/25 Adidas* (ADDYY) i -1% $117.97• $116.97 Allbirds (BIRD) h 65% $6.44 • $10.63 Asics Corp. (ASCCF)** h 3% $22.00 • $22.70 Birkenstock (BIRK) h 7% $45.85 • $49.18 Crocs (CROX) i -5% $106.20 • $101.70 Deckers (DECK) i -8% $111.81 • $103.07 Dr. Martens (DOCMF) h 49% $0.68 • $1.01 Lululemon (LULU) i -16% $283.06 • $237.58 Mizuno* (8022.T) h 6% $17.35 • $18.40 Puma (PMMAF)** h 4% $24.95 • 26.00 Nike (NKE) h 12% $63.48 • $71.04 On (ONON) h 19% $43.92 • $52.05 Rocky Brands (RCKY) h 28% $17.37 • $22.19 Skechers (SKX) h 11% $56.78• $63.10 Under Armour (UAA) h 9% $6.25 • $6.83 VF Corp. (VFC) i -24% $15.52 • $11.75 Weyco Group, Inc. (WEYS) h 10% $30.24 • $33.16 Wolverine (WWW) h 31% $13.81 • $18.08 TOTAL (equal to '100' on INDEX) i -2% $983.68• $964.81 The Footwear Insight Index tracks some of the most important publicly traded companies that have a substantial footwear business (retailers and brands). Index base of 100 is key to the closing prices of 1/02/24. QUARTER 2 ENDING 6/30/25 BRANDS: QUARTERLY DEVELOPMENT i1.9 %

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