“I think Under Armour is doing a great job investing in their footwear business,” Foot Locker Chairman and CEO Dick Johnson said on Friday in a presentation with analysts. “The 2.0 and 2.5 Curry shoes in the third quarter performed well. The 3.0 is fairly new into the business. It started off a bit slower than the two previous models.”
Fine, he’s not saying it’s “tanking”. But investors and stock holders clearly took those comments to mean that it might, as Under Armour’s shares dropped 5% on Friday after the comments were made. That’s a lot for one day (I think, truthfully only understand 60% of how stocks works).
To me, it’s not even that the shoe’s terrible. It’s an average ass shoe with nothing special, but it’s not as ugly as those nurse shoes he put out before. It’s 100% got to do with the fact that there’s a humongous Nike athlete that’s playing there now. When you would watch the Warriors last season, it was like watching an Under Armour commercial. But now, even though the Warriors still get the most air time in the league, it’s becoming 70% the Nike guy and only 30% that guy that’s signed with Under Armour. If the Under Armour stock keeps dropping, you can’t deny the theory that Phil Knight was behind the KD move to Golden State all along.