Under Armour (UA): Handicapping The Impact From Rollout To Kohl's - Oppenheimer
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Oppenheimer analyst, Anna Andreeva, reiterated her Perform rating on shares of Under Armour, Inc. (NYSE: UA) after assessing the impact of Kohls (NYSE: KSS). UA has alot of moving pieces with an evolving distribution chain as entry into all 1,100 KSS doors helps to offset the lost TSA and new leadership (CFO Chip Molloy) will be giving its first official annual guidance for '17 on 3Q16 call.
Considering the ~11,000 wholesale doors, UA is not just half of NKE but also under-penetrated by door (estimate 10-20% of NKE SKU's at FL/FINL). By haircutting NKE's productivity at KSS, UA could generate ~$200M in sales from KSS in '17 (2-3 points to total sales); segmenting product right always something to watch.
Longer term 25% sales goals are embedded in '18 plans intact ('17 initial guide likely more conservative); opportunity in family channel over time where NKE plays already.
Shares of Under Armour, Inc. closed at $39.19 yesterday.
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