Public sporting goods companies’ valuations were flattish again last year after 2023’s 2.4% increase, declining 1.7% on a weighted basis in local currencies, trailing double-digit growth in most global stock markets. In dollars, the aggregate market capitalization of the companies we track fell 3.5% to $554,306 million from $574,402 million. The ten largest companies on our list accounted for just 66% of the total industry value, a sharp decline from 71% in 2023, pulled down by a steep drop from both Nike and Lululemon that offset improvement elsewhere.

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