Nike analyst: ‘We are in the beginning of a sneaker supercycle’

Nike stock has consistently outperformed the S&P 500 over the last two decades and has been a bellwether of sorts for the retail industry. Shares of the apparel giant have plunged 45% year to date, badly lagging the 21% decline in the market. The latest shoe from LeBron James’s signature collection, the LeBron XX, is expected to be released just before the start of the NBA season. And in December, a cyclical blitz of Jordan brand retro products is set to drop, which has led fans to brave cold weather and camp outside stores in years past. Nike sales in Greater China missed estimates in the latest quarter as COVID-19 lockdowns continued to weigh on the business. The revenue decline could be ‘a short- to medium-term COVID transitory issue’ . . .