There is
Men Nike Free Run 2 Sail White Red Grey Quilted something about
Women Nike Free 4.0 Dark Grey Reflect Silver Fireberry the
Men Nike Free Run 5.0+ Olive Black Volt shoe
Women Nike Free Run 2 Grey White Green business that seems to intrigue value players. The steadiness of the cash flow,
perhaps the relatively low fashion risk compared
Women Nike Free Run 2 Stealth White Purple Grey to the apparel business, maybe
Nike Roshe Run Men Royal Total Orange Quilted just the understandability
Women Nike Free Run 2 Pink White Lime Yellow and the tangible nature of the business gives it appeal.

I have always preferred companies such as
Nike Roshe Run Men Black Grey Volt NIKE
Women Nike Free Run 2 Blue White Yellow (NYSE:NKE) or Reebok (mistakenly) or K
Nike Roshe Run Men Black Total Orange Swiss (KSWS.) Wolverine Worldwide
Men Nike Free Run 2 Black White Purple Anthracite (NYSE:WWW) has also been an interesting stock at times and if I
was particularly venturesome, Genesco (GCO.)

Shoe retailers have been less interesting to me, but I am developing some interest in
Women Nike Free Run 2 Anthracite Black White Purple this
Nike Roshe Run PRM Men Wolf Grey Peacock Blue area. The consolidation of
Men Nike Free Run 2 Purple Gold White the athletic footwear retailers has been quite thorough, and essentially the only players left at this point are
Women Nike Free Run 5.0+ Blue Grey White Foot Locker (NYSE:FL) and Finish Line (FINL.)

Foot
Nike Roshe Run Men Black Red Locker was downgraded
Men Nike Free Run 4.0 V2 Cool Grey Reflective Silver Black by one
Men Nike Free Run 3 Black Silver White of the analysts
Women Nike Free Run 2 Shield Grey Black Purple this morning, and this has prompted my interest.
Men Nike Free Run 5.0+ Black Blue Volt
The downgrade was
Nike Roshe Run Energy Blue Green Quilted
based on four observations/conclusions:

Men Nike Free Run 3 Pure Platinum Reflect Silver Volt Margins have peakedlow hanging fruit has been pluckedturnaround is
Men Nike Free Run 2 Anthracite Black White Red over.

Competition is
increasing from sporting goods retailers
as
Men Nike Free Run 3 Wolf Grey Gym Red Stealth well as
vendors’ owned retail networks.

The
Men Nike Free Run 2 Black Gym Red Quilted European market has become
Men Nike Free Run 4.0 V2 Light Charcoal Silver Chrome Yellow more competitive
Men Nike Free Run 4.0 V2 Dark Grey Cool Grey Volt for what had been a high margin part of
Nike Roshe Women Grey Black New Green FL’s biz.

Foot Locker’s
offering is not significantly differentiated from competitor offerings and relies heavily on product from
Nike Free 4.0 Game Royal Blue Electric Green Pure Platinum Wmns Nike.

I suspect that there is some truth to the competitive landscape margin pressure

Men Nike Free Run 2 Blue White Yellow Quilted issue, but as the analyst surmises, there may still be another 100 additional basis points left in operating margins due to some recycling
of unfavorable leases and improved
utilization.
The rapid growth of brand owned stores has been a trend for
Men Nike Free Run 2 Grey White Blue some
Men Nike Free Run 5.0+ Sky Blue Total Crimson
Wmns Nike Free 5.0 Wolf Grey Pink Force White Quilted time and is hardly new.
Women Nike Free Run 5.0+ Pink White Nike has 240 stores
Women Nike Free Run 2 Drench Blue Orange White compared to Foot Lockers’ 4000. I recognize that Reebok, New Balance, and Adidas also
Nike Roshe Run Women Black White have a presence, but it is
Men Nike Free Run 3 Midnight Fog Volt Blue Glow
clear that FL is quite dominant.

The buyback
Women Nike Free Run 4.0 V2 Dark Obsidian Silver Soar Blue Quilted is effective with some $35 million
Men Nike Free Run 4.0 Dark Grey Reflect Silver Total Orange purchased in 2005.

ROIC has been very steady at around 10 11%

The dividend was
Men Nike Free Run 4.0 V2 Pure Platinum Reflect Silver Soar Blue cranked up by 20% in November and still represents a low
Nike Roshe Run Women New Green White Quilted payout ratio.

The stock is down about
25% from its highs reached a year ago. EV/EBIT is only

Women Nike Free Run 3.0 V4 Volt Reflective Silver Platinum about 9 times. Long term
Women Nike Free Run 4.0 V2 Crimson Lemon Platinum
Nike Roshe Run Men Royal White debt
Nike Roshe Run Men Hyper Blue Yellow is less than 10% of assets. The company has only recently instituted its
Nike Roshe Run PRM Men Black Sport Green Volt share buyback program, certainly a step in the
Nike Free Run 4.0 Hot Punch Reflect Silver Wolf Grey Women right direction. The consensus growth estimate
Women Nike Free Run 4.0 Night Blue Volt Pure Platinum White of 13.4% seems high, but even with an 8 or 9% growth assumption and some erosion
Men Nike Free Run 2 Shield Stealth Black Orange White of operating

Men Nike Free Run 3 Sequoia Electric Green margins,
Nike Roshe Run Wine Red Black White I still come up with values in the high $30’s

Men Nike Free Run 2 Turquoise White Orange and low $40’s versus
Women Nike Free Run 2 Pink White Orange Red Quilted the current $22 23.

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