"I think innovation is really key," said Jared Briskin, Hibbett senior vice president and chief merchant. "A lot of innovation stopped and then picked up. For example, this week, we looked at Nike's (NKE) - Get Report products from late spring to late summer, and really, there was a lot of innovation, a lot of change. Some vendors have not been as quick as they need to be."
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Briskin also said it was Nike Inc. and Adidas AG (ADDYY) that drove the scant sales it did generate and made no mention of Under Armour.
Nike has long led the pack in pushing out creative, new products at an accelerated pace, such as in March, when it released both a line of plus-size women's apparel and a color-changing version of its Air Max 1 iD sneaker.
Meanwhile, TheStreet recently examined that the iterations of its NBA star Steph Curry sneaker is Under Armour's approach to innovation. There hasn't much to see, though since it launched the sneaker two years ago. The latest versions look like replicas of the Curry One, the original.
On Friday, Hibbett reported a second-quarter net loss of 15 cents a share and a year-over-year revenue decline of 9.2% to $188 million. Its same-store sales plunged 11.7% and the retailer slashed its full-year guidance to earnings of $1.25 to $1.35 a share, compared to previous estimates for earnings of $2.35 to $2.55 a share.
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