Upon Further Review: JD Sports (10/5/26)
JD Sports CEO Regis Schultz told investors the athletic industry "will stop to be promotional" once everyone accepts it is a maturing market and stops "to buy stupidly and too much." That was likely a shot taken at Foot Locker, which originally forecasted an inflection with the back-to-school season but now has set more reasonable expectations. The major brands have all slowed or cut wholesale shipments over the past year, but Nike's elevated inventory levels (particularly in Europe) largely leave it as the one that decides when this ends. Nike resumed shipping into Europe at almost the exact moment JD's sales there turned negative, and its EMEA inventory sits at 17.9% of sales versus 14.9% two years ago.