Athletic Footwear
Industry Analysis
Angela Gieras
Jeremy King
Tara McNeill
Tom Parrish
January 17, 2003
Background
• Athletic footwear was first developed by the ancient Greeks
in order to provide protection when moving over rough
terrain in varying weather conditions.
• The modern athletic shoe was developed in eighteenth
century England as a result of an increasing interest in the
sport of running and other outdoor activities.
• Joseph William Foster founded the first large-scale sports
shoe company in Boulton, UK in the 1890’s. During this
period, other sport shoes could be found in mail order
catalogues, such as Sears and Montgomery Ward’s.
• In 1917, the Converse and Keds corporations entered the
American athletic shoe market.
• In 1958, Joseph William Foster’s grandson renamed his
grandfather’s company Reebok .
• Athletic footwear forever changed in 1962 when Phil Knight
and Bill Bowerman created "Blue Ribbon Sports," the
forerunner of Nike.
Source: Digital Dissertations: Gurian, Brian. “The Impact of the Sneaker and the Sneaker
Industry on Modern Society.” St. John’s University, 2002.
Size of Market
• In the first half of 2002, NPD Group estimates that athletic
footwear spending resulted in 1.4% year-to-year growth to
$7.40 billion from $7.29 billion in the comparable yearearlier period. (Euromonitor)
ATHLETIC FOOTWEAR
MARKET SIZE ESTIMATES
Retail Dollars in Billions
1998
1999
2000
2001
Change
00-01
$8.470
$8.037
$8.236
$8.541
+3.7%
Women’s
3.951
4.194
4.486
4.418
-1.5%
Children’s
2.332
2.327
2.394
2.461
+2.8%
$14.753 $14.558 $15.115 $15.420
+2.0%
Men’s
TOTAL
Source: The NPD Group, Inc.
Size of Market
ATHLETIC FOOTWEAR
MARKET SIZE ESTIMATES
Pairs Sold in Millions
1998
1999
2000
2001
Change
00-01
Men’s
155.200 161.661 170.316 175.010
+2.8%
Women’s
106.486 115.755 125.999 119.973
-4.8%
Children’s 106.508 102.986 111.676 106.961
-4.2%
TOTAL
-1.5%
368.194 380.402 407.990 401.943
Source: The NPD Group, Inc.
Expected Growth Rate
• According to the Sporting Goods Manufacturers
Association, athletic footwear accounts for almost 35% of
all footwear purchases. (The NPD Group, Inc.)
TOTAL FOOTWEAR SOLD IN THE
UNITED STATES – MARKET FORECASTS
Market Size
Growth Rate
(billions of dollars)
2001
$40.0
-
2002
$40.6
1.5%
2003
$41.7
2.7%
2004
$42.8
2.6%
2005
$44.0
2.8%
2006
$45.2
2.7%
Source: Euromonitor
Growth Rates in
Sports Participation
2001 SPORTS PARTICIPATION - 2001 vs. 1996
SPORTS WITH THE GREATEST POSITIVE AND
NEGATIVE CHANGE
Participated more than once (in millions)
Seven (7) years of age and older
Sport
Skateboarding
Snowboarding
Backpack/Wilderness Camping
Golf
Running/Jogging
Volleyball
Ice/Figure Skating
Racquetball
Step Aerobics
Roller Skating (2x2)
Source: National Sporting Goods Association
2001
9.6
5.3
14.5
26.6
24.5
1996
4.7
3.1
11.5
23.1
22.2
Percent
Change
106.3%
72.4%
26.5%
15.4%
10.3%
12
5.3
3.4
5.7
7.7
18.5
8.4
5.3
11.3
15.1
-35.1%
-36.0%
-36.1%
-49.1%
-49.4%
Market Sales - Seasonality
• The US market for footwear is seasonal in nature due to
consumer spending patterns, with higher back to school,
Christmas, and Easter holiday seasonal sales.
SALES BY QUARTER
Dollars in Billions
1
1999
2
3
4
$3.209 $3.663 $4.015 $3.671
2000
3.453
3.307
4.057
4.299
2001
3.882
3.474
3.996
4.068
Change +12.4% +5.1%
00-01
-1.5%
-5.4%
Source: Euromonitor and The NPD Group, Inc.
Market Sales
• In 2001, NPD estimates that spending for athletic footwear
rose 2% to $15.42 billion, from $15.12 billion in 2000.
• Consumers purchased 401.9 million pairs of athletic shoes,
down 1.5% from 408.0 million pairs in 2000.
• The average price paid per pair rose 3.5%, to $38.36, from
$37.05 in 2000; however, this was still well below the $40.07
paid in 1998.
• Running shoes captured the biggest share of consumer
spending, with 29.0% of the total market. Sales of running
shoes rose 3.8% to $4.55 billion, from $4.38 billion in 2000.
Source: Standard & Poor’s Net Advantage
Consumer Demographics
Baby Boomer Generation
•
•
•
•
•
Born 1946-1964
77 million Americans
Healthcare, leisure, retirement compete for fashion dollars
Fashion spending is waning, but still spend the most
Conservative, large sizes appeal to this group
Generation X
• Born 1965-1976
• Are typically marketed to in a similar fashion as Generation
Y’s
• Marketing focus may be lost between Baby Boomers and
Generation Y
Source: Standard & Poor’s Net Advantage
Consumer Demographics
Generation Y
•
•
•
•
•
•
•
•
•
Born 1977-1994
75 million Americans (25% of population)
Focus of marketing in recent years
Teen girls spend 75% of earnings on clothing and
accessories
Comparatively, teen boys spend 52%
Loyal to footwear and apparel name brands
Generally support smaller footwear companies in tune with
fashions
Comprised one-quarter of all athletic footwear spending
Advertisers attempt to reach more through non-traditional
mediums (i.e. Internet)
Source: Standard & Poor’s Net Advantage
Athletic Footwear Purchases by Age
ATHLETIC FOOTWEAR PURCHASES BY AGE
Under 14
14-17
18-24
25-34
35-44
45-64
65 & Older
2001 US
Population
19.8%
5.7%
9.7%
13.5%
16.2%
22.4%
12.7%
2001
26.6%
8.4%
6.1%
11.7%
14.6%
23.2%
9.4%
Source: National Sporting Goods Association
2000
28.1%
8.8%
5.5%
12.7%
14.6%
22.4%
7.8%
1999
30.7%
9.5%
5.5%
12.0%
15.1%
19.7%
7.5%
1998
28.6%
8.4%
5.9%
13.8%
15.3%
20.4%
7.6%
Market Segments
Sample Market Segment
Percent Purchasing
Athletic Shoes
Female Clerical/Sales
21.5%
Female Executive
22.9%
Female Crafts/Repairs
30.6%
Female Professional
26.6%
Male Clerical/Sales
22.0%
Male Executive
25.0%
Male Crafts/Repairs
18.4%
Male Professional
22.6%
Men
20.0%
Women
19.2%
Source:Euromonitor
Product Segments
Retail Sales in $ Billions
1999
2000
2001
Running
$4.076 $4.383 $4.549
Basketball
2.606 2.524 2.822
Cross training
2.126 2.282 2.220
Walking
1.267 1.224 1.218
Athleisure
1.121
.937
.971
Recreational boots
.466
.922
.802
Hiking
.757
.726
.678
Tennis
.524
.469
.571
Sports sandals
.349
.378
.355
Aerobic
.320
.227
.216
Other
.961 1.043 1.018
Source: SGMA International
Change
00-01
+ 3.8%
+11.8%
- 2.7%
- 0.5%
+ 3.6%
-13.0%
- 6.6%
+21.7%
- 6.1%
- 4.8%
- 2.4%
Consumer Purchasing Habits
– Traditional
• Mall
• Retail outlets
• Shoe store
– Non-traditional
• Internet, television (i.e.
QVC, HSN, ShopNBC)
– Footwear is one of
fastest growing
categories on QVC
& HSN
– QVC and HSN reach
100 million homes
– ShopNBC reaches
52 million homes
Source: Footwear Journal USA
Consumer Purchasing Habits
• Who?
– Men spend more per pair
and buy more pairs of
athletic footwear than
women
– Women’s and Children’s
shoe sales growing more
rapidly than Men’s
– Nearly 33% of all athletic
footwear spending is done
by those aged 13-24
– Less than 30% of athletic
shoes purchased are for
use in sports or fitness
activities
• How?
– Internet orders
(via websites)
– Telephone
orders (i.e.
QVC)
– Walk-in orders
(mall, outlets,
etc)
Source: SGMA International & Standard & Poor’s Net Advantage
Major Competitors
• Nike- Principal business activities involve design,
development, and worldwide marketing of quality footwear,
apparel, equipment, and accessory products. The largest seller
of athletic footwear and athletic apparel in the world. All
footwear products are produced outside the United States by
independent contractors. Nike places emphasis on high
quality construction and innovative design.
• Adidas- German based Adidas-Saloman is the second largest
manufacturer of athletic equipment, footwear , and apparel in
the world. Adidas America oversees marketing,
merchandising, distribution, and sales of Adidas products in
the U.S. Their mission is to become the best sports brand in
the world. Adidas believes in creating a product to perform.
Form follows function.
Source: Company websites and company 10K reports,
competitor information from Standard & Poor’s
Major Competitors
• Reebok International- Global company engaged in the
design and marketing of sports and fitness products,
including footwear, apparel, and accessories. They devote
significant resources to advertising products to a variety of
audiences through various media. Revenues are primarily
driven from wholesale distribution of products to selected
athletic specialty stores, high-end retail shops, as well as
sporting goods and department stores.
• New Balance Athletic- A privately held company in
Massachusetts, New Balance was founded as a
manufacturer of arch supports and orthopedic shoes. New
Balance’s mission is “to be recognized as the world’s
leading manufacturer of high performance footwear and
apparel.”
Source: Company websites and company 10K reports,
competitor information from Standard & Poor’s
Major Competitors
• Skechers U.S.A.- A newer player in the athletic footwear
market. A global leader in the lifestyle footwear industry,
Skechers designs, develops, and markets lifestyle footwear
that appeals to trend-savvy men, women, and children.
Product offerings have grown from utility-styled work boots
to include sports, casual, dress, dress casual, and roller
skates.
Source: Company websites and company 10K reports,
competitor information from Standard & Poor’s
Best Selling Product Categories
• Nike- Running, basketball, children’s, cross-training, and
women’s shoes
• Adidas- Basketball, training, baseball, football, urban,
originals, workout, and walking
• Reebok International- Running, walking , aerobic
• New Balance Athletic- Running, walking, cross-training
• Skechers U.S.A.- Casuals, utility, steel toe
Source: Company websites and corporate 10K reports
Competitor Business Strategies
• Nike
• Adidas
– High quality
construction
– Innovative design
– Collection based
marketing
– Focus sales on
distributors, licensees,
and subsidiaries
Source: Nike website and 10K and Adidas website
– Form follows
function
– Marketing department
begins design process
– Greater emphasis
placed on design for
an athlete’s need
Competitor Business Strategies
• Reebok
– Grow sales through
distribution channels
• Skechers
– Fashionable footwear
– Does not concentrate
– Focus on relationship
with major sports
on performance
– International expansion
figures to enhance
by leveraging domestic
brand image
brand image
– Resources devoted to
– Building brand image
advertising through
various media
Source: Reebok and Skechers websites and 10K reports
Brand Development
• According to Forrester Research, 69% of teens said that
when they find a brand they like, they remain loyal
– Firms use celebrities and athletes
• Nike: Michael Jordan and Tiger Woods
• Skechers: Brittany Spears
• Adidas: Kobe Bryant
Source: “Drivers of Change,” http://www.duke.edu/web/soc142/team2/drivers.html
2001 Competitor Ratio Analysis
Ratio
Nike
Adidas Reebok
Profit Margin
6.7
3.41
5.21
Inventory turnover
4.29
2.74
5.01
Return on Assets
10.82
5.09
6.83
Total Debt/Equity
40.41
74.35
53.34
Current Ratio
2.26
2.07
2.88
20.55
14.26
Return on Net Worth 15.36
# of employees
22,700 13,941 6,700
Source: Bloomberg and Adidas consolidated financial statements, financial
information unavailable for New Balance
2000 Market Share of
Athletic Shoe Competitors
Other
25%
Nike
42%
New Balance
10%
Reebok
12%
Source: Market Share Reporter
Adidas
11%
Historical Government Legislation
and Trade Restrictions
•
•
•
•
May 1974: Multifibre Agreement (MFA) import quotas replace the
regulations under the GATT agreements as the primary regulator of
footwear trade
– Protects countries whose domestic industries are severely
threatened by imports
December 1993: North American Free Trade Agreement (NAFTA)
– Created the world’s largest free trade zone between the United
States, Mexico, and Canada
July 1995: The World Trade Organization created the Agreement on
Textiles and Clothing (ATC) to replace the Multifibre Agreement
May 2000: Caribbean Basin Trade Partnership Act (CBTPA) and
the African Growth and Opportunity Act (AGOA), passed under the
heading of the Trade and Development Act
– Effective October 1, 2000, authorized for eight years
– Duty-free treatment and reduced duties on footwear imports for
potentially 72 countries
Source: “The Politics of Footwear,” http://www.duke.edu/web/soc142/team2/Politics.html
Historical Government Legislation
and Trade Restrictions (cont.)
•
•
•
•
•
April 2001: Summit of the Americas Conference in Quebec
– Delegates agreed to a draft to eliminate all trade barriers
within North and South America, final text due January 2005
October 2001:Vietnam Bilateral Trade Agreement
– Established normal commercial trade relations subject to
annual review by Congress
October 2001: Bilateral Trade Agreement with the Kingdom of
Jordan
– Mandates that “all footwear articles must meet the basic 35%
local content origin rule”
November 2001: China enters the World Trade Organization
– China allowed to ship apparel and footwear to the U.S. under
reduced tariffs
December 2001: Congress directed attention to numerous labor
issues in the footwear industry, but instituted no actions regarding
sweatshop and child labor conditions
Source: “The Politics of Footwear,” http://www.duke.edu/web/soc142/team2/Politics.html
Latest Trade Legislation
•
•
July 2002: Trade Act of 2002
– Trade Promotion Authority (TPA) – grants the President the
right to negotiate trade agreements and gives Congress the final
authority to approve or disapprove those agreements
– Andean Trade Preference Act (ATPA)
• Duty-free access to virtually all footwear from the Andean
region (Bolivia, Columbia, Ecuador, and Peru)
– Retroactive modifications to the May 2000 Caribbean Basin
Trade Partnership Act (CBTPA) and the African Growth and
Opportunity Act (AGOA)
Expected Consequences of Latest Legislation
– Increase in imports from the Caribbean basin and Andean
region, and to a lesser extent sub-Saharan Africa
• Erosion of Asia’s share of U.S. imports in the short term
– Increasing amounts of footwear imports from China in the longrun
• Eventual erosion of Mexican and Caribbean share of U.S.
imports due to lower labor costs in China
Source: Standard & Poor’s Net Advantage
Labor Practices
• Labor practices and environmental issues in the footwear
industry have been historical issues
– Example: Nike (Historical)
• In Indonesia, production workers were paid 86 cents
per hour for a 12 hour day, no overtime, no breaks
• In Vietnam, factory workers earned 20 cents per hour
• In China (where Nike has 40% of its production),
workers worked 84 hours per week and earned $1.50
per shoe made
• The International Labor Office reports a recent trend in selfregulation, including “voluntary initiatives,” due to pressure
from labor and special interest groups
– Footwear companies are concerned with public image
and corporate citizenship
Source: “The Politics of Footwear,” http://www.duke.edu/web/soc142/team2/Politics.html
Labor Practices (cont.)
• Government Actions
– President Clinton worked with UNITE to form
worldwide labor regulations for the footwear industry,
limiting the work week to 60 hours and establishing a
minimum wage
Source: “The Politics of Footwear,” http://www.duke.edu/web/soc142/team2/Politics.html
Economic Factors
• Apparel and footwear sales are driven strongly by economic
conditions, demographics, and pricing
• With expected economic recovery in 2003, footwear sales
should begin a gradual recovery
• A wave of consolidation is expected as firm’s attempt to gain
leverage in distribution channels. The slow economy has led
athletic footwear manufacturers to lay off workers, freeze
hiring, find less expensive sourcing, and cut non-fixed costs
like technology, travel, and entertainment
Source: Standard & Poor’s Net Advantage
Benefits of Economic Downturn
• Retailer position becomes “If it isn’t moving, mark it down”
– while bad for margins, it is good for inventory
• Since 1995, the industry inventory-to-sales ratio has declined
Source: Standard & Poor’s Net Advantage
Consumer Confidence Index
• Declines in the Consumer Confidence Index tend to curtail
spending on discretionary items like apparel and footwear,
causing retailers to reduce and cancel orders
• September 11 terrorist attacks dramatically slowed consumer
spending, exacerbating the problem
– While consumer spending for athletic footwear was up
about 7% before the attacks, sales dropped more than
10% after
• In October 2002, the Consumer Confidence Index reached a
nine year low of 79.4
Source: Standard & Poor’s Net Advantage
Consumer Confidence Index (cont.)
• Consumer spending is expected to rise 3.0% for the full-year
2002 and 2.5% in 2003
• Disposable income expected to rise 5.8% in 2002 and 4.7% in
2003
Source: Standard & Poor’s Net Advantage
Good News for Consumers,
Bad News for Manufacturers
•
•
•
•
•
Poor economy and high competition leads to extreme price pressure,
deflating prices and margins
Consumers are more value-conscious, wanting quality at a low price –
evident in the growth of mass merchant and off-price retail stores
Discounts and bargain shopping maintained sales level, but hurt profit
margins
– While spending for all men, women, and children’s athletic shoe
categories increased, the pattern of buying more for less was
consistent among all segments
– Years of price promotion have tarnished the image of athletic
footwear
Also contributing to price deflation have been an increase in imports
and market share gains by discounters
Despite a 6% rise in average prices for athletic shoes in 2001, which
reversed the trend beginning in 1997, analysts believe the reversal is
temporary
Source: Standard & Poor’s Net Advantage
Average Price of Athletic Footwear
Aerobic Shoes
Baseball/Softball
Basketball Shoes
Boat/Deck
Bowling Shoes
Cheerleading
Cross Training Shoes
Cycling
Fitness
Football
Golf Shoes
Gym Shoes/Sneakers
Hiking Shoes/Boots
Hunting Boots
Jogging/Running
Skateboard Shoes
Soccer Shoes
Sport Sandals
Tennis Shoes
Track Shoes
Trail Running Shoes
Volleyball Shoes
Walking Shoes
Water Sport
2001
$42.68
$40.92
$54.92
$30.09
$35.94
$36.25
$47.01
$56.96
$42.60
$46.51
$61.86
$27.57
$47.85
$65.13
$50.31
$44.60
$35.35
$24.36
$32.89
$47.28
$56.39
$53.72
$42.26
$14.26
2000
$41.25
$40.65
$57.16
$31.03
$31.74
$39.09
$48.27
$51.00
$42.99
$47.23
$60.97
$27.04
$47.54
$64.43
$50.36
$42.27
$34.22
$23.88
$33.19
$48.68
$57.23
$54.67
$42.16
$13.93
Source: National Sporting Goods Association
Change
2000-2001
3.5%
0.7%
-3.9%
-3.0%
13.2%
-7.3%
-2.6%
11.7%
-0.9%
-1.5%
1.5%
2.0%
0.7%
1.1%
-0.1%
5.5%
3.3%
2.0%
-0.9%
-2.9%
-1.5%
-1.7%
0.2%
2.4%
1996
$40.06
$39.41
$54.01
$29.35
$36.21
$35.26
$48.39
na
$40.95
$45.88
$53.81
$24.41
$42.64
$54.52
$45.44
na
$33.51
$23.33
$29.15
na
na
$46.81
$39.66
$12.03
Change
1996-2001
6.5%
3.8%
1.7%
2.5%
-0.7%
2.8%
-2.9%
na
4.0%
1.4%
15.0%
12.9%
12.2%
19.5%
10.7%
na
5.5%
4.4%
12.8%
na
na
14.8%
6.6%
18.5%
Options for Survival
• There is a necessity to diversify in terms of product line,
market segment, and distribution channels
• Options
– Acquisition
• Eliminates competitors
• Expands acquirer’s top line and market share
• Example: Nike acquired surf wear manufacturer
Hurley International
– Licensing
• Offer new products while leveraging current brands
• Example: Perry Ellis International has swimwear
licenses with Nike and Reebok
Source: Standard & Poor’s Net Advantage
Expected Change in the Industry
• Product diversification
– Athletic apparel viewed as the new growth component for
firms
• Slower growth due to competition and price-conscious
consumers
• Granting of exclusive rights to retailers by manufacturers
• Issuing limited editions of high-fashion and high-tech models
• Increased competition from the growing popularity of
traditional designer shoes, which have taken on more athletic
designs, and casual shoe styles
– Athletic footwear manufacturers introducing styles not
meant for sports and targeting different segments (i.e.
girls, women, and older casual wearers)
• Increased number of imports
Source: Standard & Poor’s Net Advantage
Industry Trade Organizations
•
•
•
•
Footwear Industries of America (FIA)
– National association for footwear manufacturers, importers,
distributors, and suppliers to the leather and allied trades
– Represents the industry in Washington, DC
Footwear Distributors and Retailers of America (FDRA)
– Provides representation on U.S. and international government
relations for U.S.-based retail chain shoe retailers and the
footwear brands
National Shoe Retailers Association (NSRA)
– Founded: 1912
– Trade organization representing independent shoe retailers
Athletic Footwear Association (AFA)
– Founded: 1982
– Serves an international group of athletic footwear manufacturers
and marketers
– About 140 members
– Part of the Sporting Goods Manufacturers Association (SGMA)
Source: “Contacts and Links,” www.infomat.com/information/research/industry/
Reports/USA_Footwear.html
Sources
•
•
•
•
•
•
•
•
•
•
“An Inside Look at America’s Sneaker Biz.” SGMA International. 14
Jan. 2003 <http://www.sgma.com/sgma-press-releases.html>.
“Apparel and Footwear Industry Survey.” Standard and Poor’s Net
Advantage. 15 Jan. 2003
<http://www.netadvantage.standardandpoor.com/>.
“Athletic Footwear.” 14 Jan. 2003
<http://www.hoovers.com/search/advanced/company/result.html>.
“Athletic Footwear: a Mature Industry.” SGMA International. 14 Jan.
2003 <http://www.sgma.com/sgma-press-releases.html>.
“Athletic Footwear: Adjusting to a Changing Market.” SGMA
International. 14 Jan. 2003 <http://www.sgma.com/sgma-pressreleases.html>.
“Athletic Footwear Sales Climb 2% in 2001 As Customers Pay More
Per Pair.” SGMA International. 14 Jan. 2003
<http://www.sgma.com/sgma-press-releases.html>.
Adidas. “Annual Report.” 14 Jan. 2003
<http://usa.adidas.com/company>.
Adidas. “About Adidas.” 14 Jan. 2003 <http//www.usa.adidas.com>.
Bloomberg. Financial Analysis Report. “Nike.” 15 Jan. 2003.
Bloomberg. Financial Analysis Report. “Reebok.” 15 Jan. 2003.
Sources (cont.)
•
•
•
•
•
•
•
•
Ellis, Kristi. “AAFA Joins the Call for Free Trade; The U.S. Apparel
and Footwear Trade Group Reversed Its Longstanding Support of
Protective Tariffs for Footwear.” Footwear News. 24 Jun. 2002.
Ellis, Kristi. “Lobbyists Say Trade Act Falls Short; Only Columbia,
Peru, Bolivia, and Ecuador to See Footwear Duty, Quota Breaks.”
Footwear News. 19 Aug. 2002.
“Footwear in the USA.” 15 Jan. 2003
<http://www.euromonitor.com/mrm/default.asp>.
“Footwear in the USA.” 15 Jan. 2003
<http://www.infomat.com/information/research/industry/reports/US
A_footwear.html>.
“Footwear in the USA.” Footwear Journal USA. Jul. 2002.
“Footwear Industry.” 15 Jan. 2003
<http://www.duke.edu/web/soc142/team2/>.
“Footwear Production.” US Census Bureau. 15 Jan. 2003
<http://www.iteds.treas.gov>.
Gurian, Brian. “The Impact of the Sneaker and the Sneaker Industry
on Modern Society: A Review of the Transformative Powers of an
Icon.” St. John’s University. 2002. 15 Jan. 2003
<http://wwwlib.umi.com/dissertations/preview_all/3056600>.
Sources (cont.)
•
•
•
•
•
•
•
•
•
Howell, Mike McNulty. “Footwear Industry Weathers Economic
Storm.” Rubber & Plastics News. 7 Oct. 2002.
Lazich, Robert S. “Sports Shoe Market.” Market Share Reporter
(Detroit: Gale) 2003.
New Balance. “Fact Sheet.” 15 Jan. 2003
<http://www.newbalance.com>.
Nike. Edgar Online, Inc. “10K report for Nike.” 14 Jan. 2003.
Reebok. Edgar Online, Inc. “10K report for Reebok.” 14 Jan. 2003.
“Research and Statistics.” National Sporting Goods Association. 14
Jan. 2003
<http://www.nsga.org/public/pages/index.cfm?pageid=328>.
Skechers. Edgar Online, Inc. “10K report for Skechers.” 14 Jan.
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Taylor, Sarah. “Phoning It In; Footwear Is Now One of the Fastest
Growing Categories for Home-Shopping Networks QVC; HSN and
ShopNBC; Vendors Couldn’t Be More Thrilled, but Retailers? That’s
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Sources (cont.)
• Company Websites
– www.adidas.com
– www.asics.com
– www.newbalance.com
– www.nike.com
– www.reebok.com
– www.skechers.com