Financial PerformanceValuation stands at a relatively inexpensive ~7.6x NTM P/E, the balance sheet is clean, and cash generation remains strong (~$268m in the last 12 months), allowing ASO to pursue a long-term investment cycle to improve its fundamentals.
Loyalty ProgramASO enrolled 11M members shortly after launching its loyalty program, and there's potential for increased frequency and spending among the bottom 90% of customers.
Product ExpansionASO has expanded its depth and breadth of Nike apparel by an average of ~20% in store, which could support ASO’s ability to receive more premium allocations from new and existing brands.