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ANALYSTS COMMENT ON STRENGTH OF ATHLETIC SHOE BUSINESS
Published December 12, 1997
On CNBC's "Bull Session," The Sports Authority CEO Jack Smith said, "Our footwear business all year has been very strong. We've seen a little bit of a shift in the wants of the consumer where basketball and the cross training have now been taken over by the running and walking categories." Jay Meltzer, LJR Redbook Research: "There is [a] shift away from basketball. ... In addition, there is a neatness movement afoot, and that means the return to the brown shoe and the adventure shoes." TSA's Smith, on brown shoes: "Its always been a category, but not something I'd say has taken away from the athletic footwear business. ... It will never take away from athletic footwear." Smith: "The NBA is suffering a little bit, especially in licensed products, we're not seeing that great impact." Smith, on why shoes, including Reebok's Iverson model and Fila's Hill model, aren't selling very well: "We don't get the same excitement that we had when a new launch came out and people were lined up around the corner to buy that shoe" (CNBC, 12/11). MORE SHOE NEWS: On CNBC's "Business Center," Maria Bartiromo: "The athletic footwear industry continues its slump." She noted Reebok's earning report sent its stock "down sharply, and it took stocks like Nike, Fila and Converse down with it, and said, "Now investors are wondering which company will be next to acknowledge such a slowdown." CNBC's Garrett Glaser: "Reebok's troubles are industry troubles. The entire category is softening, growth is slowing, unsold inventory at retailers is higher than it's been" (CNBC, 12/11). In L.A., Black & Co.'s Jennifer Black Groves: "The next three months would be a great time to be buying sneakers" (L.A. TIMES, 12/12).