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Average-Income Total Spend Average-Income Fashion Spend
20.2%
13.8%
19.5%
0%
5%
10%
15%
20%
25%
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Denim Abercrombie & Fitch American Eagle
Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Leggings/lululemon 24% 1 Leggings/lululemon 23% 1 Leggings/lululemon 25%
2 Nike 5% 2 Victoria's Secret 7% 2 Birkenstock 6%
3 Birkenstock 5% 3 Converse 6% 3 Victoria's Secret 5%
4 Converse 4% 4 Nike 6% 4 Converse 4%
5 Victoria's Secret 4% 5 Boots 3% 5 Ripped Jeans 4%
6 Crop Tops 3% 6 Crop Tops 3% 6 Jeans 3%
7 Short Shorts 2% 7 Athletic Wear 2% 7 Adidas 3%
8 Rompers 2% 8 Jeans 2% 8 Bralettes 3%
Vineyard Vines 2% 9 Michael Kors 2% 9 Nike 3%
10 Dresses 2% 10 Adidas 2% 10 Chokers 3%
12%
15%
23%
50%
Have Not PurchasedDenim in Past Month
Have PurchasedDenim in Past Month
Have Not PurchasedDenim in Past Month
Have PurchasedDenim in Past Month
Rank Fall 2016 %
1 American Eagle 36%
2 Hollister 13%
3 Abercrombie & Fitch 3%
4 PacSun 3%
5 Nordstrom 3%
Urban Outfitters 3%
7 Old Navy 3%
8 H&M 2%
9 Kohl's 2%
10 Forever 21 2%
Levi's 2%
-600 bps
-400 bps
-200 bps
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200 bps
400 bps
600 bps
800 bps
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
30%
Sp
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E
AE
O C
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AEO Comp AEO Change in Mindshare Y/Y
American Eagle Spr 2002 Spr 2003 Spr 2004 Spr 2005 Spr 2006 Spr 2007 Spr 2008 Spr 2009 Spr 2010 Spr 2011 Spr 2012 Spr 2013 Spr 2014 Spr 2015 Spr 2016
Upper-Income 3rd (6%) 4th (9%) 2nd (6%) 4th (8%) 2nd (10%) 2nd (11%) 3rd (9%) 5th (5%) 4th (7%) 3rd (9%) 4th (8%) 2nd (9%) 3rd (8%) 3rd (6%) 2nd (8%)
Average-Income 1st (13%) 1st (12%) 1st (14%) 1st (13%) 1st (10%) 1st (11%) 1st (10%) 4th (8%) 2nd (10%) 3rd (7%) 3rd (7%) 2nd (9%)
American Eagle Fall 2002 Fall 2003 Fall 2004 Fall 2005 Fall 2006 Fall 2007 Fall 2008 Fall 2009 Fall 2010 Fall 2011 Fall 2012 Fall 2013 Fall 2014 Fall 2015 Fall 2016
Upper-Income 4th (6%) 2nd (8%) 4th (6%) 4th (9%) 4th (8%) 3rd (10%) 4th (7%) 5th (8%) 3rd (10%) 4th (7%) 5th (8%) 3rd (7%) 2nd (8%) 3rd (6%) 2nd (9%)
Average-Income 1st (13%) 1st (14%) 1st (16%) 1st (11%) 2nd (10%) 1st (12%) 2nd (10%) 3rd (9%) 3rd (8%) 2nd (8%) 2nd (8%) 2nd (8%)
American Eagle Spr 2002 Spr 2003 Spr 2004 Spr 2005 Spr 2006 Spr 2007 Spr 2008 Spr 2009 Spr 2010 Spr 2011 Spr 2012 Spr 2013 Spr 2014 Spr 2015 Spr 2016
Upper-Income 5th (5%) 3rd (8%) 4th (7%) 3rd (8%) 3rd (10%) 1st (13%) 3rd (8%) 4th (5%) 3rd (6%) 2nd (10%) 2nd (12%) 2nd (12%) 2nd (9%) 3rd (7%) 2nd (11%)
Average-Income 1st (13%) 1st (11%) 1st (16%) 1st (13%) 1st (11%) 1st (11%) 2nd (10%) 2nd (9%) 2nd (11%) 2nd (8%) 2nd (8%) 2nd (11%)
American Eagle Fall 2002 Fall 2003 Fall 2004 Fall 2005 Fall 2006 Fall 2007 Fall 2008 Fall 2009 Fall 2010 Fall 2011 Fall 2012 Fall 2013 Fall 2014 Fall 2015 Fall 2016
Upper-Income 4th (6%) 4th (7%) 3rd (6%) 3rd (9%) 3rd (7%) 4th (8%) 4th (7%) 3rd (8%) 3rd (8%) 3rd (9%) 2nd (10%) 2nd (9%) 2nd (10%) 2nd (10%) 1st (17%)
Average-Income 1st (13%) 1st (15%) 1st (17%) 2nd (12%) 2nd (10%) 1st (12%) 2nd (10%) 2nd (9%) 2nd (9%) 2nd (9%) 2nd (10%) 1st (12%)
American Eagle Spr 2002 Spr 2003 Spr 2004 Spr 2005 Spr 2006 Spr 2007 Spr 2008 Spr 2009 Spr 2010 Spr 2011 Spr 2012 Spr 2013 Spr 2014 Spr 2015 Spr 2016
Upper-Income 4th (6%) 3rd (9%) 3rd (5%) 5th (7%) 3rd (11%) 3rd (9%) 3rd (10%) 4th (5%) 3rd (10%) 4th (7%) 4th (5%) 3rd (7%) 3rd (7%) 3rd (4%) 3rd (5%)
Average-Income 1st (12%) 1st (12%) 2nd (12%) 2nd (13%) 3rd (10%) 3rd (10%) 3rd (11%) 4th (7%) 2nd (10%) 3rd (6%) 3rd (6%) 3rd (7%)
American Eagle Fall 2002 Fall 2003 Fall 2004 Fall 2005 Fall 2006 Fall 2007 Fall 2008 Fall 2009 Fall 2010 Fall 2011 Fall 2012 Fall 2013 Fall 2014 Fall 2015 Fall 2016
Upper-Income 4th (6%) 2nd (10%) 5th (5%) 3rd (8%) 3rd (9%) 2nd (13%) 3rd (8%) 3rd (7%) 2nd (11%) 4th (6%) 4th (6%) 3rd (6%) 3rd (6%) 3rd (4%) 3rd (4%)
Average-Income 1st (12%) 1st (12%) 1st (16%) 3rd (10%) 3rd (10%) 2nd (12%) 4th (9%) 4th (9%) 2nd (8%) 3rd (7%) 3rd (7%) 3rd (5%)
Top Clothing Brands (All)
Top Clothing Brands (Females)
Top Clothing Brands (Males)
Spr 2002 Spr 2003 Spr 2004 Spr 2005 Spr 2006 Spr 2007 Spr 2008 Spr 2009 Spr 2010 Spr 2011 Spr 2012 Spr 2013 Spr 2014 Spr 2015 Spr 2016
A&F 1st (13%) 1st (12%) 1st (13%) 2nd (10%) 4th (9%) 4th (8%) 4th (5%) 6th (4%) 7th (3%) 12th (2%) 10th (2%) 10th (2%) 10th (2%) 31st (1%) 11th (2%)
Hollister NM 5th (5%) 4th (5%) 1st (12%) 1st (16%) 1st (13%) 1st (13%) 2nd (12%) 5th (7%) 7th (3%) 6th (5%) 5th (4%) 5th (3%) 7th (2%) 5th (3%)
Fall 2002 Fall 2003 Fall 2004 Fall 2005 Fall 2006 Fall 2007 Fall 2008 Fall 2009 Fall 2010 Fall 2011 Fall 2012 Fall 2013 Fall 2014 Fall 2015 Fall 2016
A&F 1st (18%) 1st (15%) 1st (13%) 2nd (10%) 3rd (8%) 4th (8%) 5th (4%) 6th (4%) 10th (2%) 10th (2%) 9th (2%) 9th (2%) 23rd (1%) 12th (2%) 19th (1%)
Hollister 22nd (1%) 5th (5%) 3rd (9%) 1st (13%) 1st (14%) 1st (14%) 2nd (10%) 3rd (8%) 5th (7%) 7th (4%) 7th (3%) 8th (2%) 7th (2%) 11th (2%) 11th (2%)
Spr 2002 Spr 2003 Spr 2004 Spr 2005 Spr 2006 Spr 2007 Spr 2008 Spr 2009 Spr 2010 Spr 2011 Spr 2012 Spr 2013 Spr 2014 Spr 2015 Spr 2016
A&F 2nd (10%) 2nd (12%) 1st (12%) 2nd (12%) 2nd (11%) 5th (8%) 5th (5%) 6th (4%) 11th (3%) 12th (2%) 9th (2%) 9th (3%) 11th (2%) 28th (1%) 12th (2%)
Hollister NM 6th (7%) 3rd (8%) 1st (14%) 1st (18%) 1st (13%) 1st (14%) 1st (14%) 2nd (7%) 7th (3%) 3rd (6%) 3rd (6%) 6th (5%) 8th (3%) 6th (5%)
Fall 2002 Fall 2003 Fall 2004 Fall 2005 Fall 2006 Fall 2007 Fall 2008 Fall 2009 Fall 2010 Fall 2011 Fall 2012 Fall 2013 Fall 2014 Fall 2015 Fall 2016A&F 1st (19%) 1st (18%) 1st (14%) 2nd (12%) 2nd (10%) 3rd (8%) 7th (5%) 6th (4%) 9th (2%) 10th (2%) 7th (3%) 15th (2%) 23rd (1%) 14th (2%) 13th (1%)
Hollister 25th (1%) 3rd (8%) 2nd (10%) 1st (16%) 1st (17%) 1st (15%) 2nd (10%) 2nd (8%) 4th (8%) 5th (5%) 5th (4%) 5th (4%) 9th (4%) 10th (3%) 12th (2%)
Spr 2002 Spr 2003 Spr 2004 Spr 2005 Spr 2006 Spr 2007 Spr 2008 Spr 2009 Spr 2010 Spr 2011 Spr 2012 Spr 2013 Spr 2014 Spr 2015 Spr 2016A&F 1st (16%) 2nd (12%) 1st (13%) 4th (8%) 4th (6%) 3rd (9%) 5th (6%) 5th (4%) 7th (3%) 9th (2%) 7th (2%) 9th (2%) 13th (1%) 20th (1%) 7th (2%)
Hollister NM 10th (2%) 10th (3%) 3rd (9%) 2nd (14%) 2nd (13%) 2nd (13%) 3rd (10%) 4th (7%) 8th (2%) 5th (4%) 5th (3%) 4th (2%) 10th (2%) 6th (2%)
Fall 2002 Fall 2003 Fall 2004 Fall 2005 Fall 2006 Fall 2007 Fall 2008 Fall 2009 Fall 2010 Fall 2011 Fall 2012 Fall 2013 Fall 2014 Fall 2015 Fall 2016A&F 1st (16%) 3rd (9%) 2nd (10%) 3rd (8%) 4th (7%) 4th (7%) 5th (3%) 6th (3%) 8th (2%) 8th (2%) 7th (2%) 6th (2%) 19th (1%) 8th (2%) 19th (1%)
Hollister 17th (1%) 11th (2%) 3rd (8%) 2nd (10%) 2nd (11%) 3rd (12%) 2nd (11%) 4th (8%) 4th (5%) 6th (2%) 5th (2%) 9th (1%) 9th (1%) 10th (1%) 9th (1%)
Top Clothing Brands (Upper-Income, All)
Top Clothing Brands (Upper-Income, Females)
Top Clothing Brands (Upper-Income, Males)
Spr 2010 Spr 2011 Spr 2012 Spr 2013 Spr 2014 Spr 2015 Spr 2016
Victoria's Secret / PINK 24th (1%) 16th (1%) 19th (1%) 9th (2%) 6th (3%) 5th (4%) 7th (3%)
Fall 2010 Fall 2011 Fall 2012 Fall 2013 Fall 2014 Fall 2015 Fall 2016
Victoria's Secret / PINK 45th (<1%) 16th (1%) 11th (2%) 10th (2%) 10th (2%) 13th (2%) 10th (2%)
Spr 2010 Spr 2011 Spr 2012 Spr 2013 Spr 2014 Spr 2015 Spr 2016
Victoria's Secret / PINK 15th (1%) 9th (2%) 9th (2%) 6th (4%) 3rd (6%) 2nd (7%) 4th (6%)
Fall 2010 Fall 2011 Fall 2012 Fall 2013 Fall 2014 Fall 2015 Fall 2016
Victoria's Secret / PINK 9th (2%) 8th (2%) 6th (4%) 6th (3%) 6th (4%) 7th (4%) 5th (5%)
Top Clothing Brands (Upper-Income, Females)
Top Clothing Brands (Upper-Income, All)
0.3%0.8% 1.0%
1.3%
2.2%2.4%2.0%
2.9% 2.4%
2.6%
1.7%
2.2%
Fall 2011 Fall 2012 Fall 2013 Fall 2014 Fall 2015 Fall 2016
PINK Victoria's Secret
Spr 2002 Spr 2003 Spr 2004 Spr 2005 Spr 2006 Spr 2007 Spr 2008 Spr 2009 Spr 2010 Spr 2011 Spr 2012 Spr 2013 Spr 2014 Spr 2015 Spr 2016
Nordstrom 14th (1%) 19th (1%) 12th (2%) 11th (2%) 5th (7%) 4th (9%) 4th (8%) 5th (5%) 9th (3%) 3rd (7%) 5th (5%) 4th (5%) 7th (4%) 6th (4%) 9th (3%)
Free People 31st (<1%) 20th (1%) 28th (1%) 12th (2%) 14th (2%) 7th (4%) 19th (1%)
Fall 2002 Fall 2003 Fall 2004 Fall 2005 Fall 2006 Fall 2007 Fall 2008 Fall 2009 Fall 2010 Fall 2011 Fall 2012 Fall 2013 Fall 2014 Fall 2015 Fall 2016
Nordstrom 19th (1%) 6th (4%) 6th (4%) 4th (7%) 5th (5%) 5th (4%) 7th (5%) 7th (4%) 3rd (9%) 2nd (10%) 3rd (7%) 4th (6%) 5th (5%) 6th (4%) 10th (3%)
Free People 25th (1%) 6th (3%) 32nd (1%) 12th (2%) 8th (4%) 5th (6%) 10th (3%)
Top Clothing Brands (Upper-Income, Females)
Spr 2003 Spr 2004 Spr 2005 Spr 2006 Spr 2007 Spr 2008 Spr 2009 Spr 2010 Spr 2011 Spr 2012 Spr 2013 Spr 2014 Spr 2015 Spr 2016
Urban Outfitters 34th (1%) 19th (1%) 7th (3%) 14th (2%) 10th (2%) 10th (2%) 8th (3%) 10th (2%) 9th (2%) 7th (3%) 7th (3%) 6th (3%) 6th (3%) 7th (3%)
Free People 45th (<1%) 31st (<1%) 33rd (<1%) 20th (1%) 22nd (1%) 9th (2%) 32nd (1%)
Fall 2003 Fall 2004 Fall 2005 Fall 2006 Fall 2007 Fall 2008 Fall 2009 Fall 2010 Fall 2011 Fall 2012 Fall 2013 Fall 2014 Fall 2015 Fall 2016
Urban Outfitters 30th (1%) 14th (2%) 8th (2%) 5th (4%) 9th (2%) 6th (4%) 7th (4%) 9th (3%) 8th (3%) 8th (3%) 5th (4%) 5th (4%) 5th (3%) 5th (3%)
Free People 37th (<1%) 13th (1%) 42nd (<1%) 21st (1%) 12th (2%) 7th (2%) 18th (1%)
Spr 2003 Spr 2004 Spr 2005 Spr 2006 Spr 2007 Spr 2008 Spr 2009 Spr 2010 Spr 2011 Spr 2012 Spr 2013 Spr 2014 Spr 2015 Spr 2016
Urban Outfitters 19th (1%) 14th (2%) 7th (4%) 7th (3%) 8th (2%) 9th (3%) 6th (4%) 7th (4%) 5th (3%) 4th (6%) 4th (5%) 5th (5%) 5th (5%) 5th (5%)
Free People 31st (<1%) 20th (1%) 28th (1%) 12th (2%) 14th (2%) 7th (4%) 19th (1%)
Anthropologie NA NA NA 17th (1%) 22nd (1%) NA 38th (<1%) 40th (<1%) 26th (1%) 47th (<1%) 37th (<1%) 34th (<1%) 37th (<1%) 38th (<1%)
Fall 2003 Fall 2004 Fall 2005 Fall 2006 Fall 2007 Fall 2008 Fall 2009 Fall 2010 Fall 2011 Fall 2012 Fall 2013 Fall 2014 Fall 2015 Fall 2016
Urban Outfitters 24th (1%) 11th (3%) 8th (3%) 4th (7%) 6th (3%) 5th (7%) 5th (7%) 6th (4%) 4th (6%) 4th (5%) 3rd (8%) 3rd (7%) 3rd (7%) 4th (7%)
Free People 25th (1%) 6th (3%) 32nd (1%) 12th (2%) 8th (4%) 5th (6%) 10th (3%)
Anthropologie NA NA NA 22nd (<1%) 32nd (<1%) 31st (<1%) 44th (<1%) 29th (1%) 35th (<1%) NA 32nd (<1%) 37th (<1%) 28th (1%) 49th (<1%)
Spr 2003 Spr 2004 Spr 2005 Spr 2006 Spr 2007 Spr 2008 Spr 2009 Spr 2010 Spr 2011 Spr 2012 Spr 2013 Spr 2014 Spr 2015 Spr 2016
Urban Outfitters NA 27th (1%) 24th (<1%) NA 25th (<1%) 22nd (1%) 10th (2%) 19th (<1%) 13th (1%) 14th (1%) 20th (1%) 21st (1%) 14th (1%) 18th (1%)
Fall 2003 Fall 2004 Fall 2005 Fall 2006 Fall 2007 Fall 2008 Fall 2009 Fall 2010 Fall 2011 Fall 2012 Fall 2013 Fall 2014 Fall 2015 Fall 2016
Urban Outfitters NA NA 18th (1%) 34th (<1%) 19th (1%) 19th (1%) 14th (1%) 19th (1%) 17th (1%) 20th (1%) 12th (1%) 15th (1%) 40th (<1%) 19th (1%)
Top Clothing Brands (Upper-Income, All)
Top Clothing Brands (Upper-Income, Females)
Top Clothing Brands (Upper-Income, Males)
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
5.5%
6.0%
6.5%
7.0%
7.5%
8.0%
Spring 2014 Fall 2014 Spring 2015 Fall 2015 Spring 2016 Fall 2016E
Zumiez Brand Index (Upper-Income, Male) ZUMZ Comp
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Fashion Spending Fall 2014 Spring 2015 Fall 2015 Spring 2016 Fall 2016 Seq Chg Y/Y Chg
Apparel $733 $667 $685 $614 $701 14% 2%Shoes $279 $270 $277 $277 $291 5% 5%Accessories $103 $96 $95 $91 $98 7% 3%Total - All $1,115 $1,033 $1,057 $982 $1,090 11% 3%
Apparel $974 $854 $962 $754 $917 22% -5%Shoes $268 $260 $277 $270 $296 10% 7%Accessories $157 $144 $150 $125 $143 14% -5%Total - Female $1,399 $1,258 $1,389 $1,149 $1,357 18% -2%
Apparel $504 $483 $474 $480 $533 11% 12%Shoes $290 $279 $277 $283 $286 1% 3%Accessories $56 $55 $57 $62 $66 6% 16%Total - Male $850 $818 $808 $826 $885 7% 10%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Nike 46% 1 Nike 50% 1 Nike 48% 1 Nike 51%
2 Vans 9% 2 Vans 9% 2 Vans 10% 2 Vans 9%
3 Converse 5% 3 Converse 7% 3 Converse 7% 3 Converse 7%
4 DSW 3% 4 Sperry 4% 4 Adidas 4% 4 Adidas 6%
Steve Madden 3% 5 Steve Madden 3% 5 Sperry 3% 5 Steve Madden 2%
6 Sperry 3% 6 DSW 3% 6 DSW 3% 6 Sperry 2%
7 UGG 2% 7 Adidas 2% 7 Steve Madden 3% 7 DSW 2%
8 Adidas 2% 8 Foot Locker 1% 8 Foot Locker 2% 8 Birkenstock 2%
9 Nordstrom 1% 9 Birkenstock 1% 9 UGG 1% 9 Foot Locker 1%
10 Payless ShoeSource 1% Nordstrom 1% 10 TOMS 1% 10 Nordstrom 1%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Nike 46% 1 Nike 51% 1 Nike 54% 1 Nike 53%
2 Vans 11% 2 Vans 10% 2 Vans 9% 2 Vans 9%
3 Converse 7% 3 Converse 6% 3 Converse 6% 3 Converse 7%
4 Sperry 3% 4 Sperry 3% 4 Adidas 4% 4 Adidas 5%
5 Adidas 2% 5 Adidas 2% 5 Sperry 2% 5 Foot Locker 3%
6 Steve Madden 2% 6 Foot Locker 2% 6 Foot Locker 2% 6 Sperry 2%
7 Foot Locker 2% 7 Steve Madden 1% 7 Steve Madden 1% 7 Birkenstock 2%
8 Payless ShoeSource 1% 8 Payless ShoeSource 1% 8 DSW 1% 8 Steve Madden 1%
9 UGG 1% 9 DSW 1% 9 Under Armour 1% 9 Payless ShoeSource 1%
10 Three Brands Tied 1% 10 Birkenstock 1% 10 Journeys 1% 10 Under Armour 1%
Payless ShoeSource 1%
UGG 1%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Michael Kors 39% 1 Michael Kors 31% 1 Michael Kors 38% 1 Michael Kors 34%
2 Coach 14% 2 Kate Spade 15% 2 Kate Spade 16% 2 Kate Spade 19%
3 Kate Spade 10% 3 Coach 10% 3 Coach 12% 3 Coach 10%
4 Louis Vuitton 5% 4 Louis Vuitton 6% 4 Louis Vuitton 4% 4 Louis Vuitton 5%
5 Vera Bradley 5% 5 Vera Bradley 5% 5 Gucci 4% 5 Longchamp 3%
6 Tory Burch 4% 6 Tory Burch 4% 6 Chanel 3% Vera Bradley 3%
7 Chanel 2% 7 Gucci 3% 7 Tory Burch 3% 7 Chanel 2%
8 Target 2% 8 Longchamp 3% 8 Longchamp 2% 8 Gucci 2%
9 Longchamp 1% 9 Chanel 2% 9 Vera Bradley 2% 9 Tory Burch 2%
10 Gucci 1% 10 Marc Jacobs 2% 10 Fossil 2% 10 Fossil 1%
Marc Jacobs 1%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Michael Kors 39% 1 Michael Kors 44% 1 Michael Kors 49% 1 Michael Kors 44%
2 Coach 17% 2 Coach 15% 2 Coach 12% 2 Coach 13%
3 Kate Spade 6% 3 Kate Spade 6% 3 Kate Spade 8% 3 Kate Spade 10%
4 Louis Vuitton 4% 4 Vera Bradley 5% 4 Vera Bradley 4% 4 Vera Bradley 5%
5 Vera Bradley 3% 5 Louis Vuitton 3% 5 Louis Vuitton 3% 5 Gucci 3%
6 Gucci 2% 6 Gucci 2% 6 Fossil 2% 6 Louis Vuitton 3%
7 Chanel 2% 7 Chanel 2% 7 Gucci 2% 7 Chanel 2%
Tory Burch 2% 8 Fossil 1% 8 Chanel 2% 8 Fossil 1%
9 Fossil 2% 9 Steve Madden 1% 9 Tory Burch 1% Target 1%
10 Steve Madden 1% 10 Target 1% 10 Steve Madden 1% 10 Betsey Johnson 1%
Guess 1%
Spring 2014 Fall 2014 Spring 2015 Fall 2015 Spring 2016 Fall 2016
Yes 43% 43% 45% 39% 42% 36%
No 57% 57% 55% 61% 58% 64%
All Customers: Intent To Spend On Handbag In Next Six Months
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Rolex 31% 1 Rolex 34% 1 Rolex 29% 1 Rolex 37%
2 Michael Kors 24% 2 Michael Kors 19% 2 Michael Kors 22% 2 Michael Kors 17%
3 Casio 8% 3 Casio 7% 3 Fossil 8% 3 Apple 5%
4 Fossil 7% 4 Fossil 5% 4 Casio 6% Casio 5%
5 Nike 4% 5 Apple 5% 5 Apple 5% 5 Fossil 5%
6 Apple 3% 6 Nike 4% 6 Nixon 3% 6 Nixon 3%
7 Nixon 1% 7 Nixon 4% 7 Nike 3% 7 Nike 2%
8 Swatch 1% 8 Gucci 2% 8 Invicta 1% 8 Timex 2%
9 Timex 1% 9 Timex 2% 9 Kate Spade 1% 9 Fitbit 1%
10 Gucci 1% 10 Swatch 1% 10 Citizen 1% 10 Gucci 1%
Kate Spade 1% Gucci 1%
Spring 2015 Fall 2015 Spring 2016 Fall 2016
Yes 28% 30% 34% 29%
No 72% 70% 67% 71%
MOST PREFERRED FITNESS BANDS (ALL TEENS)Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Fitbit 53% 1 Fitbit 72% 1 Fitbit 71%
2 Nike 24% 2 Nike 12% 2 Nike 13%
3 Apple 7% 3 Apple 6% 3 Apple 6%
4 Garmin 5% 4 Garmin 3% 4 Garmin 3%
5 Jawbone 5% 5 Jawbone 3% 5 Jawbone 3%
6 Misfit 2% 6 Misfit 1% 6 Misfit 1%
7 Adidas 1% 7 Under Armour 1% 7 Samsung 1%
8 Under Armour 1% 8 Samsung 0% 8 Adidas 0%
9 Samsung 1% 9 Microsoft 0% 9 Polar 0%
10 iFit 0% 10 iFit 0% Movband 0%
TomTom 0%
FITNESS BAND OWNERSHIP (UPPER-INCOME, ALL TEENS)
0.0% 0.0% 0.1% 0.0%
0.2%
0.4%
0.3%
0.6%
1.3%
1.6%
1.0%
0.9%
0.6%
GPRO Share GPRO Revenue
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•
6.4%
9.8%
9.3%
10.5%
11.3%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
11.0%
12.0%
$141
$188
$66
$50
$70
$90
$110
$130
$150
$170
$190
$210
Fa
ll-0
6
Sp
rin
g-0
7
Fa
ll-0
7
Sp
rin
g-0
8
Fa
ll-0
8
Sp
rin
g-0
9
Fa
ll-0
9
Sp
rin
g-1
0
Fa
ll-1
0
Sp
rin
g-1
1
Fa
ll-1
1
Sp
rin
g-1
2
Fa
ll-1
2
Sp
rin
g-1
3
Fa
ll-1
3
Sp
rin
g-1
4
Fa
ll-14
Sp
rin
g-1
5
Fa
ll-1
5
Sprin
g-1
6
Fa
ll-1
6
Skin Care Cosmetics Fragrance
-30%
-20%
-10%
0%
10%
20%
30%
40%F
all
2007
Sp
ring 2
00
8
Fall
2008
Sp
ring 2
00
9
Fall
2009
Sp
ring 2
01
0
Fall
2010
Sp
ring 2
01
1
Fall
2011
Sp
ring 2
01
2
Fall
2012
Sp
ring 2
01
3
Fall
2013
Sp
ring 2
01
4
Fall
2014
Sp
ring 2
01
5
Fall
2015
Sp
ring 2
01
6
Fall
2016
Fashion Spending Y/Y Change Beauty Spending Y/Y Change
Pre-recession correl: 0.9 Post-recession correl: 0.6
0%
5%
10%
15%
20%
25%
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Intent To Spend More vs. Less On Beauty
Average = 17%
-30%
-20%
-10%
0%
10%
20%
30%
40%
Fall
2007
Sp
ring 2
00
8
Fall
2008
Sp
ring 2
00
9
Fall
2009
Sp
ring 2
01
0
Fall
2010
Sp
ring 2
01
1
Fall
2011
Sp
ring 2
01
2
Fall
2012
Sp
ring 2
01
3
Fall
2013
Sp
ring 2
01
4
Fall
2014
Sp
ring 2
01
5
Fall
2015
Sp
ring 2
01
6
Fall
2016
Fashion Spending Y/Y Change Beauty Spending Y/Y Change
Pre-recession correl: 0.9 Post-recession correl: 0.6
Post Recession Correl = 0.6
0%
10%
20%
30%
40%
50%
60%
70%
$50
$70
$90
$110
$130
$150
$170
$190
$210
Fall-13 Spring-14 Fall-14 Spring-15 Fall-15 Spring-16 Fall-16
% o
f U
I Fe
mal
es
that
Sp
en
d >
10
hrs
/wk
on
So
cial
M
ed
ia
An
nu
al S
pe
nd
Cosmetics Skin Care Fragrance Social Media >10 hrs/wk
Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 MAC 16% 1 MAC 17% 1 MAC 12%
2 Maybelline 12% 2 Maybelline 12% 2 Maybelline 9%
3 Urban Decay 10% 3 Urban Decay 11% 3 Urban Decay 9%
4 CoverGirl 9% 4 Sephora 7% 4 CoverGirl 8%
5 Bare Escentuals 6% 5 CoverGirl 7% 5 Too Faced 6%
6 Sephora 5% 6 Bare Escentuals 5% 6 Sephora 5%
7 Benefit 5% 7 Benefit 4% 7 Clinique 4%
8 L'Oreal 3% 8 L'Oreal 4% 8 L'Oreal 4%
9 Clinique 3% 9 Too Faced 3% 9 Benefit 4%
10 NARS 3% 10 Anastasia 3% 10 Tarte 4%
Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 MAC 19% 1 MAC 19% 1 MAC 15%
2 CoverGirl 12% 2 CoverGirl 11% 2 CoverGirl 9%
3 Maybelline 12% 3 Urban Decay 11% 3 Maybelline 9%
4 Urban Decay 9% 4 Maybelline 11% 4 Urban Decay 7%
5 Sephora 5% 5 Sephora 5% 5 Too Faced 5%
6 Bare Escentuals 5% 6 Bare Escentuals 4% 6 Name Withheld 5%
7 L'Oreal 4% 7 Name Withheld 4% 7 Sephora 5%
8 Mary Kay 3% 8 Clinique 3% 8 NYX 4%
9 Name Withheld 3% 9 L'Oreal 3% 9 Anastasia 4%
10 Clinique 3% 10 Too Faced 3% 10 Bare Escentuals 4%
Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Neutrogena 32% 1 Neutrogena 31% 1 Neutrogena 31%
2 Clean & Clear 10% 2 Clean & Clear 8% 2 Clean & Clear 9%
3 Proactiv 6% 3 Clinique 7% 3 Clinique 7%
4 Clinique 5% 4 Proactiv 4% 4 Proactiv 7%
5 Cetaphil 4% 5 Cetaphil 4% 5 Cetaphil 5%
6 Aveeno 3% 6 Aveeno 3% 6 Aveeno 3%
7 Bare Escentuals 2% 7 Bare Escentuals 3% 7 Clearasil 2%
Lush 2% 8 LUSH 2% 8 Biore 2%
9 Clearasil 2% MAC 2% 9 LUSH 2%
Mary-Kay 2% 10 Burt's Bees 2% 10 Mary Kay 2%
Sephora 2%
Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Neutrogena 24% 1 Neutrogena 22% 1 Neutrogena 24%
2 Clean & Clear 12% 2 Clean & Clear 10% 2 Clean & Clear 10%
3 Proactiv 8% 3 Proactiv 9% 3 Proactiv 9%
4 Clinique 5% 4 Clinique 5% 4 Clinique 5%
5 Mary-Kay 4% 5 MAC 3% 5 Cetaphil 3%
6 Clearasil 3% 6 Aveeno 3% 6 Aveeno 3%
CoverGirl 3% 7 Mary Kay 3% 7 Biore 3%
8 Cetaphil 3% 8 Cetaphil 2% 8 Clearasil 3%
9 Aveeno 2% Clearasil 2% 9 Mary Kay 2%
MAC 2% 10 CoverGirl 2% 10 Dove 2%
32%
65%
54%
26%
0%
10%
20%
30%
40%
50%
60%
70%
Fall 2013 Spring 2014 Fall 2014 Spring 2015 Fall 2015 Spring 2016 Fall 2016
Specialty Mass, Dept & Drug Stores
Channel Reversal:
Specialty stores outpace legacy
formats
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
50%
0-40k 40-60k 60-80k 80-100k 100-120k 120k+
Ability to straighten teeth faster
Less pain
Convenience (can take out to eat andbrush teeth)
Cool designs (like emojis or differentcolors)
Fewer visits to the orthodontist
0%
10%
20%
30%
40%
50%
60%
70%
0-40k 40-60k 60-80k 80-100k 100-120k 120k+
1-2
3-4
5-6
7-8
9-10
(15.0%)
(10.0%)
(5.0%)
0.0%
5.0%
10.0%
15.0%
30.0%
20.0%
10.0%
0.0%
10.0%
20.0%
30.0%
Sprin
g
Fall
Sprin
g
Fall
Sprin
g
Fall
Sprin
g
Fall
Sprin
g
Fall
Sprin
g
Fa
ll
Sprin
g
Fall
Sprin
g
Fall
Sprin
g
Fall
Sprin
g
Fall
Sprin
g
Fall
Sprin
g
Fall
Sprin
g
Fall
Sprin
g
Fall
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Food Clothing Delta
Clo
thin
gS
pend
|
Food S
pend
Net F
ood S
pend
43% 44%41%
48% 50% 52% 54% 54%57%
60% 59% 62% 61% 62% 60%64%
57% 56%59%
52% 50% 48% 46% 46%43%
40% 41% 38% 39% 38% 40%36%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Spring Fall Spring Fall Spring Fall Spring Fall Spring Fall Spring Fall Spring Fall Spring Fall
2009 2010 2011 2012 2013 2014 2015 2016
Full Service
LimitedService
1 2 3 4 5
Fall Starbucks Chick-fil-A McDonald's Olive Garden Chipotle
Spring Starbucks McDonald's Chick-fil-A Olive Garden Buffalo Wild Wings
Fall Starbucks McDonald's Chipotle Chick-fil-A Olive Garden
Spring Starbucks McDonald's Chipotle Chick-fil-A Olive Garden
Fall Starbucks McDonald's Chipotle Chick-fil-A Taco Bell
Spring Starbucks McDonald's Chipotle Olive Garden Taco Bell
Fall Starbucks McDonald's Olive Garden Taco Bell Chipotle
Spring Starbucks McDonald's Olive Garden Taco Bell Buffalo Wild Wings
Fall Starbucks McDonald's Olive Garden Red Lobster Taco Bell
Spring Starbucks McDonald's Olive Garden Taco Bell Red Lobster
Fall Starbucks McDonald's Olive Garden Taco Bell Applebee's
Spring Starbucks McDonald's Olive Garden Taco Bell Applebee's
Fall McDonalds Starbucks Olive Garden Taco Bell Apple Bee's
Spring Starbucks Olive Garden McDonald's Applebee's Chili's
2016 Fall Starbucks Chick-fil-A McDonald's Olive Garden Chipotle
$5.12 ~$6.00 $5.82 $17.00 $11.34Estimated Average Check By
Preferred Brand
2010
2016
2015
2014
2013
2012
2011
1 2 3 4 5
Fall Starbucks Chipotle Chick-fil-A Taco Bell McDonald's
Spring Starbucks Chipotle Chick-fil-A Panera McDonald's
Fall Starbucks Chipotle Chick-fil-A McDonald's Panera
Spring Chipotle Starbucks Chick-fil-A Panera Olive Garden
Fall Starbucks Chipotle Chick-fil-A McDonald's Dunkin Donuts
Spring Starbucks Chipotle Chick-fil-A McDonald's Panera
Fall Starbucks Chipotle McDonald's Chick-fil-A Panera
Spring Starbucks Chipotle Panera Chick-fil-A McDonald's
Fall Starbucks Chipotle McDonald's Olive Garden Chick-fil-A
Spring Starbucks Chipotle McDonald's Olive Garden Chick-fil-A
Fall Starbucks Chipotle McDonald's Olive Garden Dunkin Donuts
Spring Starbucks Chipotle McDonald's Olive Garden Chick-fil-A
Fall Chipotle Starbucks McDonald's Olive Garden Chili's
Spring Starbucks Chipotle Olive Garden T.G.I. Friday's Chili's
2016 Fall Starbucks Chipotle Chick-fil-A Taco Bell McDonald's
$5.12 $11.34 ~$6.00 $5.98 $5.82Estimated Average Check By
Preferred Brand
2011
2010
2016
2015
2014
2013
2012
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Amazon 36% 1 Amazon 38% 1 Amazon 41% 1 Amazon 40%
2 Nike 8% 2 Nike 8% 2 Nike 5% 2 Nike 8%
3 Forever 21 5% 3 eBay 4% 3 Forever 21 5% 3 American Eagle 4%
4 eBay 5% 4 Forever 21 3% 4 eBay 3% 4 eBay 3%
5 Victoria's Secret 3% 5 Urban Outfitters 3% 5 American Eagle 3% 5 Forever 21 2%
6 American Eagle 2% 6 American Eagle 2% Victoria's Secret 3% 6 Urban Outfitters 2%
7 Urban Outfitters 2% 7 Eastbay 2% 7 Urban Outfitters 3% 7 Nordstrom 1%
8 Eastbay 1% 8 Victoria's Secret 2% 8 Eastbay 2% 8 Victoria's Secret 1%
9 Brandy Melville 1% 9 Nordstrom 2% 9 Dick's Sporting Goods 1% 9 Hollister 1%
10 Wanelo 1% 10 PacSun 1% 10 PacSun 1% PacSun 1%
Females
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Amazon 23% 1 Amazon 28% 1 Amazon 29% 1 Amazon 27%
2 Forever 21 11% 2 Forever 21 9% 2 Forever 21 11% 2 American Eagle 8%
3 Victoria's Secret 8% 3 Urban Outfitters 6% 3 Victoria's Secret 6% 3 Forever 21 6%
4 eBay 4% 4 American Eagle 5% 4 American Eagle 5% 4 Urban Outfitters 5%
5 American Eagle 4% 5 Victoria's Secret 4% 5 Urban Outfitters 5% 5 Victoria's Secret 3%
6 Urban Outfitters 3% 6 Nordstrom 4% 6 Nike 2% 6 Nordstrom 3%
7 Brandy Melville 3% 7 Brandy Melville 3% Sephora 2% 7 Brandy Melville 3%
8 Wanelo 3% 8 Hollister 3% 8 Hollister 2% 8 Hollister 2%
9 Charlotte Russe 2% 9 Free People 3% lululemon 2% 9 Etsy 2%
10 Nordstrom 2% 10 Nike 2% 10 PacSun 2% 10 Free People 2%
Males
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Amazon 47% 1 Amazon 45% 1 Amazon 50% 1 Amazon 48%
2 Nike 12% 2 Nike 12% 2 Nike 7% 2 Nike 12%
3 eBay 5% 3 eBay 6% 3 eBay 5% 3 eBay 5%
4 Eastbay 2% 4 Eastbay 3% 4 Eastbay 3% 4 Vineyard Vines 1%
5 Steam 2% 5 Dick's Sporting Goods 2% 5 Dick's Sporting Goods 2% 5 Zumiez 1%
6 American Eagle 1% 6 Foot Locker 2% 6 Foot Locker 2% 6 Eastbay 1%
Dick's Sporting Goods 1% 7 PacSun 1% 7 Zumiez 2% 7 Adidas 1%
8 Foot Locker 1% 8 Vineyard Vines 1% 8 Supreme 1% PacSun 1%
9 Zappos 1% 9 Ralph Lauren 1% 9 Ralph Lauren 1% 9 Foot Locker 1%
10 PacSun 1% 10 Tilly's 1% 10 Three Sites Tied 1% 10 Ralph Lauren 1%
Ralph Lauren 1% Supreme 1%
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
Fall 2016Spring2016
Fall 2015Spring2015
Fall 2014Spring2014
Fall 2013Spring2013
$112K+
$68K-$112K
$41K-$68K
$21K-$41K
$0K-$21K
0%
10%
20%
30%
40%
50%
60%
70%
80%
$21K-$41K $41K-$68K $68K-$112K $112K+ Total
Spring 2014
Fall 2014
Spring 2015
Fall 2015
Spring 2016
Fall 2016
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
14 15 16 17 18
% u
sin
g P
latf
orm
Age
Younger Teens Likely Drawing Down Aggregate Facebook Number
Snapchat
Which social platform do you use at least once per month?
Spring 2015 Fall 2015 Spring 2016 Fall 2016
Snapchat 68% 74% 75% 80%
Instagram 73% 76% 74% 79%
Twitter 57% 58% 58% 56%
Facebook 47% 56% 60% 52%
Pinterest 25% 25% 27% 25%
Google+ 14% 24% 23% 22%
What is your favorite social platform?
Spring 2015 Fall 2015 Spring 2016 Fall 2016
Snapchat 11% 17% 24% 35%
Instagram 29% 29% 23% 24%
Twitter 21% 18% 16% 13%
Facebook 12% 13% 15% 13%
Pinterest 2% 1% 1% 1%
Google+ 1% 1% 1% 1%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
iPhone Ownership
Own an iPhone
Expect Next Phone An iPhone
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
Fall-14 Spring-15 Fall-15 Spring-16 Fall-16
Apple Watch Intention
Own A Smartwatch
Plan to buy Apple Watch
49%
65%
41%33% 34%
26% 22%
26%37% 39% 52%
54%
Fall 2013 Spring 2014 Fall 2014 Spring 2015 Fall 2015 Spring 2016 Fall 2016
Anticipate purchase Already own one
PS4 and Xbox One Launched Nov. 2013
0%
2%
4%
6%
8%
10%
12%
14%
$0
$50
$100
$150
$200
$250
Spri
ng
20
05
Fall
20
05
Spri
ng
20
06
Fall
20
06
Spri
ng
20
07
Fall
20
07
Spri
ng
20
08
Fall
20
08
Spri
ng
20
09
Fall
20
09
Spri
ng
20
10
Fall
20
10
Spri
ng
20
11
Fall
20
11
Spri
ng
20
12
Fall
20
12
Spri
ng
20
13
Fall
20
13
Spri
ng
20
14
Fall
20
14
Spri
ng
20
15
Fall
20
15
Spri
ng
20
16
Fall
20
16
Video Game Spend Video Game Spend Allocation
$191 - Expected Video Game Spend in 2016
12% - Budget Spent On Video Games in 2016
% of
Students
Spring
2013
% of
Students
Fall 2013
% of
Students
Spring
2014
% of
Students
Fall 2014
% of
Students
Spring
2015
% of
Students
Fall 2015
% of
Students
Spring
2016
% of
Students
Fall 2016
Yes 83% 81% 85% 80% 81% 79% 81% 77%
No 17% 19% 15% 20% 19% 21% 19% 23%
% of
Students
Spring
2013
% of
Students
Fall 2013
% of
Students
Spring
2014
% of
Students
Fall 2014
% of
Students
Spring
2015
% of
Students
Fall 2015
% of
Students
Spring
2016
% of
Students
Fall 2016
Yes 16% 18% 18% 22% 21% 24% 26% 24%
No 84% 82% 82% 78% 79% 76% 74% 76%
ALL TEENS Fall 2016 Spring 2016 Fall 2015 Spring 2015 Fall 2014 Spring 2014 Fall 2013 Spring 2013
Teens Surveyed 10,000 6,500 9,400 6,200 7,200 7,500 8,650 5,200
Gender - Female 45% 44% 44% 49% 47% 47% 47% 47%
Gender - Male 55% 56% 56% 51% 53% 53% 53% 53%
Average Age 16.0 16.5 16.0 16.3 16.0 16.4 16.2 16.3
Percentage Of Teens Part-Time Employed 34% 39% 36% 35% 35% 33% 35% 36%
Average Household Income $68,800 $62,500 $68,000 $67,000 $73,000 $63,000 $67,000 $69,000
UPPER-INCOME TEEN SURVEY Fall 2016 Spring 2016 Fall 2015 Spring 2015 Fall 2014 Spring 2014 Fall 2013 Spring 2013
Teens Surveyed - Upper Income 2,800 1,300 2,700 1,400 2,200 1,300 2,400 1,600
Gender - Female 41% 46% 41% 46% 46% 43% 44% 45%
Gender - Male 59% 54% 59% 54% 54% 57% 56% 55%
Average Age 15.8 16.5 15.9 16.2 16.1 16.2 16.1 16.1
Percentage Of Teens Part-Time Employed 31% 40% 33% 36% 36% 33% 34% 33%
Average Household Income $109,000 $101,000 $107,000 $104,000 $109,000 $103,000 $105,000 $104,000
AVERAGE-INCOME TEEN SURVEY Fall 2016 Spring 2016 Fall 2015 Spring 2015 Fall 2014 Spring 2014 Fall 2013 Spring 2013
Teens Surveyed - Average Income 7,200 5,200 6,700 4,800 5,000 6,200 6,250 3,600
Gender - Female 46% 44% 45% 49% 48% 48% 49% 47%
Gender - Male 54% 56% 55% 51% 52% 52% 51% 53%
Average Age 16.0 16.4 16.1 16.4 16.0 16.4 16.2 16.5
Percentage Of Teens Part-Time Employed 36% 39% 37% 34% 35% 33% 35% 38%
Average Household Income $53,000 $53,000 $52,000 $56,000 $56,000 $55,000 $53,000 $54,000
West, 17%
Midwest, 30%
Northeast, 8%
South, 45%
0%
10%
20%
30%
40%
50%
60%
2011 2012 2013 2014 2015 2016
Vie
ws O
n T
he E
conom
y
Getting Better Staying the Same Getting Worse
Spending by Category - All Teens Fall 2016 Spring 2016 Fall 2015 Spring 2015 Fall 2014 Spring 2014 Fall 2013 Spring 2013
Video Games / Systems 7% 7% 7% 8% 7% 7% 7% 6%
Music / Movies (DVD/CD) 5% 5% 6% 6% 6% 6% 6% 7%
Electronics / Gadgets 8% 8% 8% 8% 8% 8% 7% 8%
Clothing 21% 20% 20% 20% 21% 21% 21% 21%
Accessories / Personal Care / Cosmetics 9% 10% 9% 10% 10% 9% 9% 10%
Shoes 8% 8% 9% 7% 8% 9% 9% 8%
Food 23% 22% 22% 23% 20% 21% 20% 18%
Concerts / Movies / Sporting Events 6% 5% 6% 6% 6% 6% 6% 6%
Car 6% 9% 7% 8% 9% 9% 9% 8%
Books / Magazines 1% 2% 2% 2% 2% 2% 2% 2%
Furniture / Room Accessories 2% 1% 1% 1% 2% 1% 2% 2%
Other 4% 3% 3% 4% 3% 3% 3% 3%
Total Fashion (Clothing, Access & Footwear) 38% 38% 38% 36% 39% 38% 39% 40%
Spending by Category - All Teens Fall 2016 Spring 2016 Fall 2015 Spring 2015 Fall 2014 Spring 2014 Fall 2013 Spring 2013
Video games / systems 8% 8% 7% 7% 7% 7% 7% 6%
Music / movies (DVD/CD) 5% 6% 6% 6% 6% 7% 6% 7%
Electronics / gadgets 8% 8% 8% 8% 8% 8% 8% 8%
Clothing 20% 18% 20% 20% 20% 21% 21% 20%
Accessories/personal care/cosmetics 11% 11% 10% 11% 10% 11% 11% 10%
Shoes 10% 9% 10% 9% 9% 10% 10% 8%
Food 21% 20% 19% 21% 17% 18% 16% 18%
Concerts/Movies/Sporting events 5% 5% 5% 5% 5% 5% 5% 6%
Car 8% 9% 9% 8% 9% 9% 10% 10%
Books/magazines 2% 2% 2% 2% 2% 2% 2% 2%
Furniture / room accessories 2% 2% 2% 2% 2% 2% 2% 2%
Other 4% 4% 4% 3% 3% 3% 3% 3%
Total Fashion (Clothing, Access & Footwear) 40% 38% 39% 40% 40% 41% 42% 39%
Spending by Category - All Teens Fall 2016 Spring 2016 Fall 2015 Spring 2015 Fall 2014 Spring 2014 Fall 2013 Spring 2013
Video Games / Systems 7% 8% 7% 8% 7% 7% 7% 6%
Music / Movies (DVD/CD) 5% 6% 6% 6% 6% 7% 6% 7%
Electronics / Gadgets 8% 8% 8% 8% 8% 8% 7% 8%
Clothing 20% 19% 20% 20% 21% 21% 21% 20%
Accessories / Personal Care / Cosmetics 10% 10% 10% 11% 10% 11% 10% 11%
Shoes 9% 9% 9% 8% 9% 9% 10% 9%
Food 21% 21% 20% 21% 18% 18% 17% 17%
Concerts / Movies / Sporting Events 5% 5% 6% 5% 5% 5% 5% 5%
Car 8% 9% 9% 8% 9% 9% 10% 10%
Books / Magazines 2% 2% 2% 2% 2% 2% 2% 2%
Furniture / Room Accessories 2% 2% 2% 2% 2% 2% 2% 2%
Other 4% 3% 4% 3% 3% 3% 3% 3%
Total Fashion (Clothing, Access & Footwear) 40% 38% 39% 39% 40% 41% 41% 40%
Fall 2016 Spring 2016 Fall 2015 Spring 2015 Fall 2014 Spring 2014 Fall 2013 Spring 2013
Specialty 33% 31% 33% 30% 32% 33% 31% 33%
Major Chain / Dept Store / Off Price 28% 29% 31% 33% 31% 29% 32% 20%
Discount 13% 14% 13% 13% 13% 14% 13% 17%
Outlet 11% 11% 10% 11% 11% 11% 12% 14%
Mail Order 6% 6% 6% 6% 5% 6% 6% 4%
Online Only E-Tailers 9% 9% 8% 9% 7% 8% 7% 13%
Fall 2016 Spring 2016 Fall 2015 Spring 2015 Fall 2014 Spring 2014 Fall 2013 Spring 2013
Specialty 26% 27% 27% 26% 27% 27% 27% 26%
Major Chain / Dept Store / Off Price 27% 29% 29% 31% 30% 28% 30% 20%
Discount 12% 13% 12% 12% 13% 13% 12% 15%
Outlet 15% 12% 13% 12% 13% 13% 14% 15%
Mail Order 6% 6% 6% 6% 6% 7% 6% 4%
Online Only E-Tailers 15% 14% 14% 13% 11% 13% 10% 18%
30%
40%
50%
60%
70%
80%
Spring 2013 Fall 2013 Spring 2014 Fall 2014 Spring 2015 Fall 2015 Spring 2016 Fall 2016
Female Male
30%
40%
50%
60%
70%
80%
Spring 2013 Fall 2013 Spring 2014 Fall 2014 Spring 2015 Fall 2015 Spring 2016 Fall 2016
Female Male
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Nike/Jordans 17% 1 Nike/Jordans 18% 1 Nike/Jordans 20% 1 Nike/Jordans 19%
2 Jogger Pants 10% 2 Preppy 8% 2 Jogger Pants 12% 2 Jogger Pants 8%
3 Ralph Lauren 9% Ralph Lauren 8% 3 Ralph Lauren 6% 3 Vineyard Vines 7%
4 Preppy 8% 4 Vineyard Vines 8% 4 Preppy 6% 4 Athletic Wear 6%
5 Vineyard Vines 7% 5 Jogger Pants 7% 5 Athletic Wear 5% 5 Khakis/Chinos 6%
6 Khakis/Chinos 5% 6 Boat Shoes 5% 6 Hair / Man Buns 5% 6 Preppy 6%
7 Athletic Wear 4% Khakis/Chinos 5% Khakis/Chinos 5% 7 Ralph Lauren 4%
8 Timberland 4% 8 Athletic Wear 4% 8 Vineyard Vines 4% 8 Tall Socks 4%
9 Boat Shoes 3% 9 Tall Socks 4% 9 Boat Shoes 3% 9 Boat Shoes 3%
Tall Socks 3% 10 Shoes 3% 10 Tall Socks 2% 10 Adidas 2%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Leggings/lululemon 33% 1 Leggings/lululemon 24% 1 Leggings/lululemon 23% 1 Leggings/lululemon 25%
2 Victoria's Secret 5% 2 Nike 5% 2 Victoria's Secret 7% 2 Birkenstock 6%
3 Boots 4% 3 Birkenstock 5% 3 Converse 6% 3 Victoria's Secret 5%
4 UGG Australia 4% 4 Converse 4% 4 Nike 6% 4 Converse 4%
5 Nike 4% 5 Victoria's Secret 4% 5 Boots 3% 5 Ripped Jeans 4%
6 Crop Tops 3% 6 Crop Tops 3% 6 Crop Tops 3% 6 Jeans 3%
7 Converse 2% 7 Short Shorts 2% 7 Athletic Wear 2% 7 Adidas 3%
8 High-Waist Pants/Skirts 2% 8 Rompers 2% 8 Jeans 2% 8 Bralettes 3%
9 Birkenstock 2% Vineyard Vines 2% 9 Michael Kors 2% 9 Nike 3%
Dresses 2% 10 Dresses 2% 10 Adidas 2% 10 Chokers 3%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Nike 15% 1 Nike 13% 1 Nike 11% 1 Nike 13%
2 Ralph Lauren 9% 2 Ralph Lauren 11% 2 Ralph Lauren 10% 2 Ralph Lauren 10%
3 Under Armour 6% 3 Adidas 6% 3 Adidas 7% 3 Adidas 8%
4 Vineyard Vines 5% 4 Vineyard Vines 6% 4 American Eagle 4% 4 American Eagle 5%
5 American Eagle 4% 5 Under Armour 4% 5 Vineyard Vines 3% 5 Vineyard Vines 5%
6 Adidas 3% 6 American Eagle 4% 6 Under Armour 3% 6 Under Armour 5%
7 Vans 3% 7 Vans 3% 7 Vans 3% 7 Vans 3%
8 Sperry Top-Sider 2% 8 H&M 2% 8 Hollister 2% 8 H&M 2%
9 Express 2% 9 Tommy Hilfiger 2% 9 New Balance 2% 9 Lululemon 2%
Hollister 2% 10 RVCA 2% 10 Four Brands Tied 2% 10 Hollister 2%
J. Crew 2%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 lululemon 6% 1 Free People 7% 1 American Eagle 7% 1 American Eagle 9%
2 Nike 6% 2 Brandy Melville 5% 2 Nike 6% 2 Urban Outfitters 5%
3 Victoria's Secret 5% 3 lululemon 5% 3 Forever 21 5% 3 Free People 5%
4 Forever 21 5% 4 Forever 21 4% 4 H&M 4% Nike 5%
5 H&M 5% 5 American Eagle 4% 5 Victoria's Secret 4% 5 lululemon 4%
6 American Eagle 4% 6 PacSun 4% 6 Express 4% 6 Victoria's Secret 4%
7 Urban Outfitters 3% 7 Victoria's Secret 4% 7 Adidas 3% 7 Adidas 4%
8 Free People 3% 8 Urban Outfitters 3% Free People 3% 8 PacSun 4%
9 PacSun 3% 9 Nike 3% Hollister 3% 9 Forever 21 4%
10 Express 3% 10 H&M 3% lululemon 3% 10 Brandy Melville 3%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Gap 14% 1 Gap 13% 1 Gap 13% 1 Adidas 10%
2 Adidas 10% 2 Adidas 10% 2 Adidas 9% 2 Gap 10%
3 Abercrombie & Fitch 8% 3 Abercrombie & Fitch 8% 3 Abercrombie & Fitch 7% 3 Under Armour 7%
4 Aeropostale 6% 4 Under Armour 6% 4 Nike 7% 4 Nike 6%
5 Hollister 5% 5 Nike 5% 5 Under Armour 6% 5 Reebok 6%
6 Nike 5% 6 Aeropostale 4% 6 Hollister 5% 6 Skechers 5%
7 American Eagle 4% 7 Hollister 4% 7 Reebok 5% 7 Puma 5%
Under Armour 4% 8 Reebok 4% 8 Aeropostale 4% 8 Abercrombie & Fitch 4%
9 Reebok 3% 9 Skechers 4% 9 American Eagle 4% 9 Hollister 4%
10 DC Shoes 3% 10 Ralph Lauren 3% 10 Skechers 3% 10 Aeropostale 3%
Puma 3%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Aeropostale 28% 1 Aeropostale 22% 1 Aeropostale 26% 1 Justice 29%
2 Abercrombie & Fitch 19% 2 Justice 20% 2 Justice 20% 2 Aeropostale 17%
3 Justice 14% 3 Abercrombie & Fitch 18% 3 Abercrombie & Fitch 12% 3 Abercrombie & Fitch 12%
4 Hollister 11% 4 Hollister 8% 4 Hollister 9% 4 Hollister 9%
5 Gap 5% 5 Gap 7% 5 Gap 5% 5 Gap 4%
6 Forever 21 2% 6 Old Navy 2% 6 Old Navy 3% 6 Forever 21 3%
7 Old Navy 2% 7 American Eagle 2% 7 Forever 21 2% 7 American Eagle 1%
8 American Eagle 2% 8 Forever 21 2% 8 American Eagle 2% Old Navy 1%
9 dELiA*s 1% 9 dELiA*s 2% 9 Nike 2% 9 H&M 1%
Miss Me Jeans 1% 10 Target 1% 10 Target 1% Ralph Lauren 1%
Victoria's Secret 1%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Nike 24% 1 Nike 27% 1 Nike 21% 1 Nike 29%
2 Forever 21 8% 2 Forever 21 7% 2 American Eagle 8% 2 American Eagle 9%
3 American Eagle 6% 3 American Eagle 6% 3 Forever 21 7% 3 Forever 21 5%
4 Ralph Lauren 4% 4 Ralph Lauren 5% 4 Ralph Lauren 6% 4 Ralph Lauren 4%
5 Victoria's Secret 4% 5 Urban Outfitters 3% 5 Hollister 4% 5 Urban Outfitters 3%
6 Urban Outfitters 3% 6 PacSun 2% 6 PacSun 3% 6 H&M 3%
7 Hollister 2% 7 Free People 2% 7 Urban Outfitters 3% 7 PacSun 2%
8 Nordstrom 2% 8 H&M 2% Victoria's Secret 3% 8 Adidas 2%
9 Free People 2% 9 Vineyard Vines 2% 9 H&M 3% 9 Vineyard Vines 2%
PacSun 0.02 10 Nordstrom 2% 10 Adidas 2% 10 Victoria's Secret 2%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Forever 21 16% 1 Forever 21 15% 1 Forever 21 14% 1 American Eagle 17%
2 Victoria's Secret 7% 2 American Eagle 10% 2 American Eagle 11% 2 Forever 21 11%
3 American Eagle 7% 3 Urban Outfitters 7% 3 Nike 7% 3 Nike 7%
4 Nike 6% 4 Nike 6% 4 Victoria's Secret 6% 4 Urban Outfitters 7%
5 Urban Outfitters 5% 5 Free People 6% 5 Urban Outfitters 5% 5 Victoria's Secret 5%
6 Nordstrom 4% 6 Nordstrom 4% 6 Hollister 5% 6 H&M 3%
7 Free People 4% 7 Victoria's Secret 4% 7 PacSun 4% 7 PacSun 3%
8 Hollister 3% 8 PacSun 4% 8 H&M 4% 8 lululemon 3%
9 PacSun 3% 9 lululemon 3% 9 Nordstrom 3% 9 Brandy Melville 3%
10 Four Brands Tied 2% 10 Hollister 3% 10 Charlotte Russe 2% 10 Free People 3%
Nordstrom 3%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Nike 40% 1 Nike 42% 1 Nike 33% 1 Nike 44%
2 Ralph Lauren 7% 2 Ralph Lauren 8% 2 Ralph Lauren 10% 2 Ralph Lauren 6%
3 American Eagle 4% 3 American Eagle 4% 3 American Eagle 5% 3 American Eagle 4%
4 Vineyard Vines 3% 4 Vineyard Vines 3% 4 Adidas 3% 4 Adidas 3%
5 Vans 2% 5 Adidas 2% 5 PacSun 3% 5 Vineyard Vines 3%
6 Adidas 2% 6 H&M 2% 6 Hollister 2% 6 H&M 3%
Kohl's 2% 7 PacSun 2% 7 Abercrombie & Fitch 2% 7 Vans 2%
8 J.Crew 2% 8 Abercrombie & Fitch 2% 8 Vans 2% 8 Under Armour 2%
Under Armour 2% 9 Kohl's 1% 9 Supreme 2% 9 PacSun 1%
10 Hollister 2% 10 Hollister 1% 10 Vineyard Vines 2% Hollister 1%
Vans 1%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Nike 19% 1 Nike 21% 1 Nike 23% 1 Nike 27%
2 Forever 21 7% 2 American Eagle 8% 2 American Eagle 9% 2 American Eagle 8%
3 American Eagle 7% 3 Forever 21 6% 3 Forever 21 5% 3 Forever 21 6%
4 Ralph Lauren 5% 4 Ralph Lauren 5% 4 Ralph Lauren 5% 4 Ralph Lauren 5%
5 Hollister 4% 5 Hollister 4% 5 Victoria's Secret 4% 5 Hollister 3%
6 Victoria's Secret 4% 6 Victoria's Secret 4% 6 Hollister 4% 6 Victoria's Secret 3%
7 PacSun 3% 7 PacSun 2% 7 H&M 2% 7 H&M 3%
8 H&M 2% 8 H&M 2% 8 Under Armour 2% 8 Adidas 2%
9 Kohl's 2% 9 Hot Topic 2% 9 PacSun 2% 9 rue21 2%
10 Three Brands Tied 10 Aeropostale 2% 10 Aeropostale 2% 10 PacSun 2%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Forever 21 14% 1 Forever 21 12% 1 Forever 21 11% 1 American Eagle 12%
2 American Eagle 8% 2 American Eagle 10% 2 American Eagle 11% 2 Forever 21 12%
3 Victoria's Secret 8% 3 Victoria's Secret 8% 3 Nike 10% 3 Nike 12%
4 Nike 6% 4 Nike 7% 4 Victoria's Secret 10% 4 Victoria's Secret 7%
5 Hollister 5% 5 Hollister 6% 5 Hollister 4% 5 rue21 4%
6 Charlotte Russe 4% 6 PacSun 3% 6 rue21 3% 6 Hollister 4%
7 Urban Outfitters 3% 7 rue21 3% 7 H&M 2% 7 H&M 3%
8 PacSun 3% 8 H&M 3% 8 Hot Topic 2% 8 PacSun 3%
9 H&M 3% 9 Hot Topic 3% 9 Charlotte Russe 2% 9 Hot Topic 2%
10 rue21 2% 10 Aeropostale 2% 10 Aeropostale 2% Ralph Lauren 2%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Nike 33% 1 Nike 33% 1 Nike 34% 1 Nike 40%
2 Ralph Lauren 8% 2 Ralph Lauren 8% 2 Ralph Lauren 8% 2 Ralph Lauren 7%
3 American Eagle 6% 3 American Eagle 7% 3 American Eagle 7% 3 American Eagle 5%
4 PacSun 3% 4 Hollister 3% 4 Under Armour 3% 4 Adidas 3%
5 Hollister 3% 5 Under Armour 3% 5 Hollister 3% 5 Hollister 3%
6 H&M 2% 6 PacSun 2% 6 PacSun 2% 6 Under Armour 3%
7 Kohl's 2% 7 Adidas 2% 7 H&M 2% 7 H&M 2%
8 Adidas 2% 8 Vans 2% 8 Adidas 2% 8 Vans 2%
Vans 2% 9 Levi's 2% 9 Aeropostale 2% 9 PacSun 2%
10 Aeropostale 2% 10 H&M 2% 10 Vans 2% 10 Levi's 2%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Nike 46% 1 Nike 50% 1 Nike 48% 1 Nike 51%
2 Vans 9% 2 Vans 9% 2 Vans 10% 2 Vans 9%
3 Converse 5% 3 Converse 7% 3 Converse 7% 3 Converse 7%
4 DSW 3% 4 Sperry 4% 4 Adidas 4% 4 Adidas 6%
Steve Madden 3% 5 Steve Madden 3% 5 Sperry 3% 5 Steve Madden 2%
6 Sperry 3% 6 DSW 3% 6 DSW 3% 6 Sperry 2%
7 UGG 2% 7 Adidas 2% 7 Steve Madden 3% 7 DSW 2%
8 Adidas 2% 8 Foot Locker 1% 8 Foot Locker 2% 8 Birkenstock 2%
9 Nordstrom 1% 9 Birkenstock 1% 9 UGG 1% 9 Foot Locker 1%
10 Payless ShoeSource 1% Nordstrom 1% 10 TOMS 1% 10 Nordstrom 1%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Nike 22% 1 Nike 28% 1 Nike 32% 1 Nike 30%
2 Converse 10% 2 Converse 12% 2 Converse 14% 2 Converse 15%
3 Vans 9% 3 Vans 10% 3 Vans 9% 3 Vans 7%
4 DSW 7% 4 Steve Madden 8% 4 DSW 7% 4 Steve Madden 5%
Steve Madden 7% 5 DSW 7% 5 Steve Madden 5% 5 Adidas 5%
6 UGG 4% 6 Birkenstock 3% 6 Adidas 3% 6 DSW 5%
7 Nordstrom 3% 7 Nordstrom 3% 7 UGG 3% 7 Birkenstock 4%
8 Payless ShoeSource 3% 8 Tory Burch 3% 8 Sperry 2% 8 Nordstrom 2%
9 Sperry 2% 9 UGG 2% 9 TOMS 2% 9 UGG 2%
10 Famous Footwear 2% 10 Sperry 2% 10 Foot Locker 2% 10 Michael Kors 1%
Payless ShoeSource 2% Sperry 1%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Nike 67% 1 Nike 66% 1 Nike 63% 1 Nike 66%
2 Vans 8% 2 Vans 9% 2 Vans 10% 2 Vans 11%
3 Sperry 3% 3 Sperry 5% 3 Adidas 6% 3 Adidas 6%
4 Adidas 3% 4 Adidas 3% 4 Sperry 4% 4 Sperry 3%
5 Converse 2% 5 Converse 2% 5 Converse 2% 5 Foot Locker 2%
Foot Locker 2% 6 Foot Locker 2% 6 Foot Locker 2% 6 Converse 2%
7 New Balance 1% 7 New Balance 1% 7 Asics 1% 7 Under Armour 1%
8 ASICS 1% 8 Ralph Lauren 1% 8 Champs Sports 1% 8 ASICS 1%
Ralph Lauren 1% 9 Under Armour 1% 9 Clarks 1% New Balance 1%
10 Clarks 1% 10 Champs Sports 0% 10 Under Armour 0% 10 Finish Line 0%
Timberland 1% Puma 0% New Balance 0%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Nike 46% 1 Nike 51% 1 Nike 54% 1 Nike 53%
2 Vans 11% 2 Vans 10% 2 Vans 9% 2 Vans 9%
3 Converse 7% 3 Converse 6% 3 Converse 6% 3 Converse 7%
4 Sperry 3% 4 Sperry 3% 4 Adidas 4% 4 Adidas 5%
5 Adidas 2% 5 Adidas 2% 5 Sperry 2% 5 Foot Locker 3%
6 Steve Madden 2% 6 Foot Locker 2% 6 Foot Locker 2% 6 Sperry 2%
7 Foot Locker 2% 7 Steve Madden 1% 7 Steve Madden 1% 7 Birkenstock 2%
8 Payless ShoeSource 1% 8 Payless ShoeSource 1% 8 DSW 1% 8 Steve Madden 1%
9 UGG 1% 9 DSW 1% 9 Under Armour 1% 9 Payless ShoeSource 1%
10 Three Brands Tied 1% 10 Birkenstock 1% 10 Journeys 1% 10 Under Armour 1%
Payless ShoeSource 1%
UGG 1%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Nike 30% 1 Nike 35% 1 Nike 41% 1 Nike 38%
2 Vans 12% 2 Converse 12% 2 Converse 11% 2 Converse 12%
3 Converse 10% 3 Vans 11% 3 Vans 8% 3 Vans 9%
4 Steve Madden 4% 4 Steve Madden 3% 4 Steve Madden 3% 4 Adidas 4%
5 Payless ShoeSource 3% 5 Sperry 2% 5 Adidas 3% 5 Birkenstock 3%
6 Sperry 3% 6 DSW 2% 6 DSW 2% 6 Foot Locker 2%
7 UGG 2% 7 Payless ShoeSource 2% 7 UGG 2% 7 Steve Madden 2%
8 Tory Burch 2% 8 Birkenstock 2% 8 Payless ShoeSource 2% 8 Sperry 2%
9 DSW 2% 9 Journeys 2% 9 Birkenstock 2% 9 Payless ShoeSource 2%
10 TOMS 2% 10 UGG 2% 10 Foot Locker 2% 10 DSW 1%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Nike 63% 1 Nike 65% 1 Nike 65% 1 Nike 65%
2 Vans 9% 2 Vans 9% 2 Vans 9% 2 Vans 9%
3 Sperry 4% 3 Adidas 4% 3 Adidas 4% 3 Adidas 6%
4 Adidas 3% 4 Sperry 3% 4 Converse 2% 4 Foot Locker 3%
5 Converse 3% 5 Converse 2% 5 Sperry 2% 5 Sperry 2%
6 Foot Locker 2% 6 Foot Locker 2% 6 Foot Locker 2% 6 Converse 2%
7 New Balance 1% 7 Ralph Lauren 1% 7 Under Armour 1% 7 Under Armour 1%
8 Ralph Lauren 1% 8 Under Armour 1% 8 Ariat 1% 8 New Balance 1%
9 DC Shoes 1% 9 Ariat 1% 9 ASICS 1% 9 ASICS 1%
10 Champs Sports 1% 10 DC Shoes 1% 10 Ralph Lauren 1% 10 Ralph Lauren 1%
Skechers 1%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Nike 72% 1 Nike 72% 1 Nike 71% 1 Nike 71%
2 Under Armour 7% 2 lululemon 7% 2 Adidas 7% 2 lululemon 7%
3 lululemon 4% 3 Under Armour 6% 3 Under Armour 5% 3 Adidas 7%
4 Adidas 4% 4 Adidas 4% 4 lululemon 5% 4 Under Armour 6%
5 The North Face 1% 5 The North Face 1% 5 The North Face 1% 5 Athleta 1%
The North Face 1%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Nike 70% 1 Nike 67% 1 Nike 69% 1 Nike 65%
2 lululemon 8% 2 lululemon 15% 2 lululemon 9% 2 lululemon 15%
3 Under Armour 5% 3 Under Armour 5% 3 Adidas 5% 3 Adidas 7%
4 Adidas 3% 4 Adidas 3% 4 Under Armour 4% 4 Under Armour 4%
5 The North Face 1% 5 The North Face 1% 5 Athleta 2% 5 Athleta 1%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Nike 73% 1 Nike 75% 1 Nike 73% 1 Nike 76%
2 Under Armour 8% 2 Under Armour 6% 2 Adidas 8% 2 Under Armour 7%
3 Adidas 4% 3 Adidas 5% 3 Under Armour 7% 3 Adidas 7%
4 The North Face 1% 4 Bauer 1% 4 The North Face 2% 4 lululemon 1%
5 Bauer 1% 5 The North Face 1% 5 Bauer 1% 5 Columbia 1%
Patagonia 1%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Nike 71% 1 Nike 70% 1 Nike 69% 1 Nike 72%
2 Under Armour 7% 2 Under Armour 10% 2 Under Armour 10% 2 Under Armour 9%
3 Adidas 5% 3 Adidas 5% 3 Adidas 5% 3 Adidas 7%
4 lululemon 2% 4 lululemon 2% 4 lululemon 2% 4 lululemon 2%
5 The North Face 1% 5 The North Face 1% 5 The North Face 1% 5 Victoria's Secret 1%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Nike 72% 1 Nike 72% 1 Nike 70% 1 Nike 73%
2 Under Armour 6% 2 Under Armour 8% 2 Under Armour 9% 2 Under Armour 7%
3 Adidas 5% 3 lululemon 4% 3 Adidas 4% 3 Adidas 6%
4 lululemon 4% 4 Adidas 4% 4 lululemon 4% 4 lululemon 5%
5 The North Face 1% 5 The North Face 1% 5 Victoria's Secret 1% 5 Victoria's Secret 1%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Nike 71% 1 Nike 69% 1 Nike 68% 1 Nike 71%
2 Under Armour 9% 2 Under Armour 11% 2 Under Armour 12% 2 Under Armour 11%
3 Adidas 6% 3 Adidas 6% 3 Adidas 6% 3 Adidas 8%
4 Puma 1% 4 The North Face 1% 4 The North Face 1% 4 Columbia 1%
The North Face 1% 5 Mossy Oak 0% 5 Columbia 0% The North Face 1%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Nike 81% 1 Nike 83% 1 Nike 81% 1 Nike 83%
2 Adidas 4% 2 Adidas 4% 2 Adidas 6% 2 Adidas 7%
3 New Balance 2% 3 ASICS 2% 3 ASICS 2% 3 ASICS 2%
4 ASICS 1% 4 New Balance 2% 4 New Balance 1% New Balance 2%
5 Under Armour 1% 5 Under Armour 1% 5 Under Armour 1% 5 Under Armour 1%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Nike 82% 1 Nike 87% 1 Nike 85% 1 Nike 86%
2 Adidas 3% 2 Adidas 3% 2 Adidas 4% 2 Adidas 5%
3 ASICS 2% 3 ASICS 2% 3 ASICS 2% 3 ASICS 2%
4 Mizuno 2% 4 Mizuno 1% 4 Brooks 1% 4 New Balance 1%
New Balance 2% 5 New Balance 1% 5 Mizuno 1% 5 Brooks 1%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Nike 79% 1 Nike 80% 1 Nike 78% 1 Nike 80%
2 Adidas 4% 2 Adidas 6% 2 Adidas 8% 2 Adidas 8%
3 Under Armour 2% 3 New Balance 2% 3 New Balance 2% 3 New Balance 2%
4 New Balance 2% 4 Under Armour 2% 4 Under Armour 2% 4 Under Armour 2%
5 ASICS 1% 5 ASICS 2% 5 ASICS 1% 5 ASICS 1%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Nike 82% 1 Nike 81% 1 Nike 80% 1 Nike 82%
2 Adidas 5% 2 Adidas 4% 2 Adidas 5% 2 Adidas 6%
3 Under Armour 1% 3 Under Armour 3% 3 Under Armour 3% 3 Under Armour 2%
4 ASICS 1% 4 ASICS 2% 4 ASICS 1% 4 ASICS 1%
5 New Balance 1% 5 New Balance 1% 5 New Balance 1% 5 New Balance 1%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Nike 85% 1 Nike 84% 1 Nike 84% 1 Nike 86%
2 Adidas 3% 2 Adidas 3% 2 Adidas 4% 2 Adidas 5%
3 ASICS 1% 3 ASICS 2% 3 Under Armour 1% 3 ASICS 1%
4 Under Armour 1% 4 Under Armour 1% 4 ASICS 1% 4 Under Armour 1%
5 Mizuno 1% 5 Mizuno 1% 5 Mizuno 1% 5 Brooks 1%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Nike 80% 1 Nike 78% 1 Nike 77% 1 Nike 78%
2 Adidas 6% 2 Adidas 6% 2 Adidas 6% 2 Adidas 8%
3 Under Armour 2% 3 Under Armour 4% 3 Under Armour 3% 3 Under Armour 3%
4 ASICS 1% 4 ASICS 1% 4 New Balance 1% 4 New Balance 2%
5 New Balance 1% 5 New Balance 1% 5 ASICS 1% 5 ASICS 1%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Soccer 14% 1 Soccer 16% 1 Soccer 16% 1 Soccer 16%
2 Basketball 11% 2 Basketball 12% 2 Basketball 13% 2 Basketball 13%
3 Running 10% 3 Football 10% 3 Running 10% 3 Football 11%
4 Football 8% 4 Running 8% 4 Football 9% 4 Running 7%
5 Baseball 6% 5 Baseball 6% 5 Baseball 6% 5 Baseball 6%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Soccer 16% 1 Soccer 19% 1 Soccer 18% 1 Soccer 16%
2 Running 14% 2 Running 12% 2 Running 15% 2 Volleyball 10%
3 Volleyball 8% 3 Volleyball 9% 3 Volleyball 7% 3 Running 10%
4 Swimming 8% 4 Camping 6% 4 Basketball 7% 4 Swimming 7%
5 Cheerleading 7% 5 Basketball 6% 5 Swimming 6% 5 Dancing 7%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Basketball 16% 1 Football 16% 1 Basketball 18% 1 Basketball 19%
2 Football 14% 2 Basketball 16% 2 Football 15% 2 Football 17%
3 Soccer 13% 3 Soccer 14% 3 Soccer 13% 3 Soccer 15%
4 Baseball 11% 4 Baseball 11% 4 Baseball 10% 4 Baseball 9%
5 Lacrosse 6% 5 Lacrosse 5% 5 Running 5% 5 Running 5%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Soccer 15% 1 Football 14% 1 Basketball 14% 1 Basketball 15%
2 Basketball 13% 2 Basketball 14% 2 Soccer 14% 2 Football 14%
3 Football 11% 3 Soccer 14% 3 Football 13% 3 Soccer 14%
4 Running 10% 4 Running 7% 4 Running 8% 4 Running 6%
5 Volleyball 6% 5 Volleyball 6% 5 Baseball 6% 5 Baseball 6%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Soccer 17% 1 Soccer 17% 1 Soccer 16% 1 Soccer 16%
2 Running 14% 2 Volleyball 13% 2 Running 11% 2 Volleyball 13%
3 Volleyball 12% 3 Running 10% 3 Volleyball 11% 3 Basketball 9%
4 Basketball 8% 4 Basketball 9% 4 Basketball 9% 4 Running 9%
5 Swimming 7% 5 Swimming 6% 5 Camping 7% 5 Swimming 6%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Football 19% 1 Football 23% 1 Football 20% 1 Football 22%
2 Basketball 18% 2 Basketball 19% 2 Basketball 18% 2 Basketball 20%
3 Soccer 13% 3 Soccer 11% 3 Soccer 13% 3 Soccer 13%
4 Baseball 8% 4 Baseball 10% 4 Baseball 10% 4 Baseball 11%
5 Running 6% 5 Running 4% 5 Running 5% 5 Running 4%
Rank Spring 2015 Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Canon 27% 1 Canon 26% 1 Canon 29% 1 Canon 32%
2 Nikon 21% 2 GoPro 21% 2 GoPro 22% 2 GoPro 24%
3 GoPro 15% 3 Nikon 20% 3 Nikon 21% 3 Nikon 19%
4 Sony 11% 4 Sony 13% 4 Sony 9% 4 Sony 9%
5 Kodak 7% 5 Apple 5% 5 Apple 5% 5 Samsung 4%
6 Samsung 5% 6 Samsung 4% 6 Kodak 5% 6 Kodak 4%
7 Apple 4% 7 Kodak 4% 7 Samsung 3% 7 Apple 3%
8 Flip 2% 8 Flip 1% 8 Flip 1% 8 Fujifilm 1%
9 Nokia 2% 9 Panasonic 1% 9 Fujifilm 1% 9 Polaroid 1%
10 Fujifilm 1% 10 Nokia 1% 10 Polaroid 1% 10 Panasonic 1%
Rank Spring 2015 % Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Canon 27% 1 Canon 28% 1 Canon 33% 1 Canon 39%
2 GoPro 24% 2 GoPro 24% 2 GoPro 23% 2 GoPro 23%
3 Nikon 20% 3 Nikon 19% 3 Nikon 19% 3 Nikon 15%
4 Sony 9% 4 Sony 8% 4 Sony 7% 4 Sony 7%
5 Kodak 4% 5 Apple 5% 5 Kodak 6% 5 Apple 4%
6 Apple 4% 6 Samsung 4% 6 Apple 4% 6 Kodak 4%
7 Samsung 3% 7 Kodak 3% 7 Samsung 2% 7 Polaroid 2%
8 Polaroid 2% 8 Polaroid 2% 8 Polaroid 2% 8 Samsung 1%
9 Nokia 2% 9 Nokia 1% 9 Fujifilm 1% 9 Nokia 1%
10 Fujifilm 1% 10 Fujifilm 1% 10 Logitech 1% 10 Logitech 0%
Elgato 0%
Top Brand
Top Brand Share 26% 24% 22% 23% 18% 18% 19% 16% 13% 16% 12%
0
20
40
60
80
100
120
140
60%
65%
70%
75%
80%
85%
Spri
ng
2006
Fa
ll 2
006
Spri
ng
2007
Fa
ll 2
007
Spri
ng
2008
Fa
ll 2
008
Spri
ng
2009
Fa
ll 2
009
Spri
ng
2010
Fa
ll 2
010
Spri
ng
2011
Fa
ll 2
011
Spri
ng
2012
Fa
ll 2
012
Spri
ng
2013
Fa
ll 2
013
Spri
ng
2014
Fa
ll 2
014
Spri
ng
2015
Fa
ll 2
015
Spri
ng
2016
Fa
ll 2
016
Top 10 Brands% Share
Number of Brands
17%
22% 22%
20%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
0%
5%
10%
15%
20%
25%
30%
35%
EL Brand Share EL Americas Sales
Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Victoria's Secret 27% 1 Victoria's Secret 30% 1 Victoria's Secret 28%
2 Bath & Body Works 21% 2 Bath & Body Works 22% 2 Bath & Body Works 27%
3 Marc Jacobs 7% 3 Marc Jacobs 5% 3 Chanel 6%
4 Juicy Couture 6% 4 Chanel 4% 4 Marc Jacobs 5%
5 Chanel 3% 5 Juicy Couture 4% 5 Juicy Couture 3%
6 One Direction 2% 6 Burberry 2% 6 Versace 2%
7 Taylor Sw ift 2% 7 Dolce & Gabbana 2% 7 Calvin Klein 1%
Versace 2% Versace 2% Gucci 1%
9 Polo Ralph Lauren 1% 9 Polo Ralph Lauren 2% 9 Polo Ralph Lauren 1%
10 Aquolina 1% 10 One Direction 1% Taylor Sw ift 1%
Coach 1% Taylor Sw ift 1%
Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Victoria's Secret 24% 1 Bath & Body Works 29% 1 Victoria's Secret 31%
2 Bath & Body Works 24% 2 Victoria's Secret 29% 2 Bath & Body Works 31%
3 Juicy Couture 3% 3 Juicy Couture 4% 3 Chanel 3%
4 Marc Jacobs 3% 4 Chanel 3% 4 Juicy Couture 3%
5 Chanel 2% 5 Marc Jacobs 3% 5 Marc Jacobs 2%
6 Polo Ralph Lauren 2% 6 Polo Ralph Lauren 2% 6 Rue 21 2%
7 One Direction 1% 7 Rue 21 1% 7 Calvin Klein 2%
8 Versace 1% 8 AXE 1% 8 Polo Ralph Lauren 1%
9 Nicki Minaj 1% 9 Dolce & Gabbana 1% 9 Versace 1%
Taylor Sw ift 1% 10 Justin Bieber 1% 10 Gucci 1%
Taylor Sw ift 1%
Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Old Spice 24% 1 Ralph Lauren 20% 1 Old Spice 24%
2 Ralph Lauren 19% 2 Old Spice 13% 2 Ralph Lauren 17%
3 AXE 14% 3 AXE 8% 3 AXE 13%
4 Gucci 4% 4 Calvin Klein 6% 4 Gucci 6%
5 Versace 4% 5 Gucci 5% 5 Versace 4%
6 Calvin Klein 3% 6 Versace 5% 6 Calvin Klein 4%
Nike 3% 7 Hollister 3% 7 Chanel 2%
8 Degree 2% 8 Chanel 3% 8 Nautica 2%
9 Hollister 2% Nautica 3% 9 Armani 2%
10 Abercrombie & Fitch 1% 10 American Eagle 2% 10 Degree 2%
Giorgio Armani 1% Nike 2%
Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Ralph Lauren 20% 1 Ralph Lauren 20% 1 Ralph Lauren 20%
2 AXE 15% 2 AXE 13% 2 Old Spice 14%
3 Old Spice 13% 3 Old Spice 12% 3 AXE 13%
4 Versace 4% 4 Calvin Klein 4% 4 Versace 5%
5 Calvin Klein 4% 5 Versace 4% 5 Calvin Klein 5%
6 Gucci 3% 6 Gucci 3% 6 Gucci 4%
7 American Eagle 3% 7 Armani 3% 7 Armani 2%
8 adidas 3% 8 Rue21 3% 8 Hollister 2%
9 Hollister 3% 9 American Eagle 3% 9 American Eagle 2%
10 Giorgio Armani 2% 10 Hollister 3% 10 adidas 2%
Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Sephora 38% 1 Sephora 38% 1 Sephora 41%
2 Ulta 19% 2 Ulta 21% 2 Ulta 20%
3 Target 14% 3 Target 12% 3 Target 12%
4 CVS 6% 4 CVS 7% 4 CVS 4%
5 MAC 3% 5 MAC 5% 5 Walmart 4%
6 Walmart 3% 6 Walmart 3% 6 MAC 3%
7 Macy's 3% 7 Macy's 3% 7 Walgreens 3%
8 Nordstrom 2% 8 Walgreens 2% 8 Macy's 2%
9 Walgreens 2% 9 Nordstrom 2% 9 Nordstrom 2%
10 Rite-Aid 1% 10 Bare Escentuals 1% 10 Sally Beauty 1%
Online 1%
Sally Beauty 1%
Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
1 Sephora 24% 1 Ulta 27% 1 Ulta 29%
2 Ulta 23% 2 Sephora 24% 2 Sephora 27%
3 Walmart 14% 3 Walmart 13% 3 Walmart 12%
4 Target 10% 4 Target 9% 4 Target 10%
5 MAC 6% 5 MAC 4% 5 MAC 3%
6 Walgreens 4% 6 Walgreens 3% 6 Walgreens 3%
7 Macy's 2% 7 CVS 3% 7 CVS 2%
8 CVS 2% 8 Macy's 2% 8 Macy's 2%
9 Sally Beauty Supply 2% 9 Sally Beauty 1% 9 Bath & Body Works 1%
10 Dillard's 1% 10 Bath & Body Works 1% Sally Beauty 1%
Fall 2014 Spring 2015 Fall 2015 Spring 2016 Fall 2016Yes 32% 33% 36% 39% 47%No 68% 67% 64% 61% 53%
Fall 2015 % Rank Spring 2016 % Rank Fall 2016 %
Sephora 56% 1 Sephora 55% 1 Sephora 55%
Ulta 24% 2 Ulta 24% 2 Ulta 24%
CVS 4% 3 MAC 3% 3 MAC 4%
MAC 3% 4 Bare Escentuals 3% 4 Clinique 1%
Bare Escentuals 3% 5 CVS 2% 5 Bare Escentuals 1%
Macy's 1% 6 Macy's 1% CVS 1%
Mary Kay 1% Nordstrom 1% 7 Birchbox 1%
Victoria's Secret 1% Sally Beauty 1% Target 1%
Walgreens 1% Victoria's Secret 1% Walgreens 1%
Avon 1% 10 Clinique 1% 10 Bath & Body Works 1%
CoverGirl 1% e.l.f. 1% Mary Kay 1%
e.l.f. 1% Ipsy 1% Nordstrom 1%
Lipsy 1% Mary-Kay 1% Proactiv 1%
Neutrogena 1% Walgreens 1% Sally Beauty Supply 1%
Too Faced 1%
Urban Decay 1%
Price Price Price Target MktCap
Ticker Company Rating 10/12/16 Target Justification (Bil.)
ADS.GR adidas AG Overweight €155.65 €173 30x FY17E EPS €32.569
EBAY eBay Inc. Neutral $31.50 $25 8.5x 2017E EV/EBITDA $35.564
EL Estee Lauder Companies Inc. Neutral $88.18 $90 24x FY18E EPS $32.352
VFC V.F. Corporation Overweight $54.73 $63 18x FY17E EPS $22.699
UA Under Armour, Inc. Overweight $38.52 $44 60x FY17E EPS $16.845
CMG Chipotle Mexican Grill, Inc. Overweight $418.52 $483 ~20x FY18E EV/EBITDA disc. 2 yrs at 10% $12.186
ZNGA Zynga, Inc. Neutral $2.94 $3 10x EV/'17E EBITDA $2.593
ANF Abercrombie & Fitch Co. Overweight $16.13 $28 6x FY18E EV/EBITDA $1.091
ZUMZ Zumiez Inc. Overweight $22.47 $28 9x FY18E EV/EBITDA $0.558
GLUU Glu Mobile Inc. Overweight $2.11 $3 1x EV/FY17E Sales $0.281
Source: Piper Jaffray estimates, FactSet, Bloomberg
As of October 12, 2016