'They're Expensive... But You Have To Pay For Outsized Growth': Jim Cramer On Hoka Vs. Nike
'They're Expensive... But You Have To Pay For Outsized Growth': Jim Cramer On Hoka Vs. Nike
Jim Cramer discussed the challenges facing the athletic apparel industry on CNBC's "Mad Money" on Thursday.
吉姆·克萊默週四在CNBC的 “瘋狂財富” 上討論了運動服裝行業面臨的挑戰。
Nike Inc (NYSE:NKE) and Lululemon Athletica Inc (NASDAQ:LULU) are experiencing growth challenges, he said.
他說，耐克公司（紐約證券交易所代碼：NKE）和Lululemon Athletica Inc（納斯達克股票代碼：LULU）正面臨增長挑戰。
Nike's stock, for example, underperformed for over two years. Lululemon's stock dropped nearly 35% from its all-time highs in December. The sector is grappling with "unusual worries about the tapped out consumer" and "endless competition," affecting both giants and smaller brands alike.
例如，耐克的股票在兩年多的時間裏表現不佳。Lululemon的股票從12月的歷史新高下跌了近35％。該行業正在努力應對 “對被剝奪的消費者的不尋常擔憂” 和 “無休止的競爭”，這對巨頭和小型品牌都產生了影響。
"Everybody in the space is going against Nike," Cramer emphasized. The Beaverton, Oregon-based brand expects only 1-2% revenue growth this year.
克萊默強調說：“該領域的每個人都在反對耐克。”這家總部位於俄勒岡州比弗頓的品牌預計今年的收入僅增長1-2％。
Meanwhile, Lululemon contends with fast-growing competitors like Gap Inc's (NYSE:GPS) Athleta and Levi Strauss & Co's (NYSE:LEVI) Beyond Yoga. The Vancouver, Canada-based company anticipates 11-12% growth, falling short of Wall Street's expectations.
同時，Lululemon與快速增長的競爭對手競爭，例如Gap Inc（紐約證券交易所代碼：GPS）Athleta和Levi Strauss & Co（紐約證券交易所代碼：LEVI）Beyond Yoga。這家總部位於加拿大溫哥華的公司預計增長11-12％，低於華爾街的預期。
Despite the overall struggles in the sector, Cramer highlighted two growth stocks that continue to perform well: On Holding AG (NYSE:ONON) and Deckers Outdoor Corp (NYSE:DECK).
儘管該行業總體陷入困境，但克萊默還是強調了兩隻繼續表現良好的成長型股票：On Holding AG（紐約證券交易所代碼：ONON）和Deckers Outdoor Corp（紐約證券交易所代碼：DECK）。
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On Holding, known for its On brand of footwear, has shown remarkable resilience. The company recently reported strong quarterly results, with Cramer noting, "They delivered 21 percent revenue growth, and it would have been 29 percent on a constant currency basis." This growth was driven by "strong demand including major momentum for the direct to consumer channel," with direct-to-consumer sales up 39% year-over-year.
以其On品牌的鞋類而聞名的On Holding表現出了非凡的彈性。該公司最近公佈了強勁的季度業績，克萊默指出：“他們實現了21％的收入增長，按固定貨幣計算，收入增長了29％。”這種增長是由於 “強勁的需求，包括直接面向消費者的渠道的強勁勢頭” 推動的，直接面向消費者的銷售額同比增長了39％。
"The strength here is incredibly broad-based with better than expected sales in the Americas and Asia Pacific." Cramer said.
“這裏的實力基礎非常廣泛，美洲和亞太地區的銷售額好於預期。”克萊默說。
Deckers Outdoor — parent company of brands like Hoka, Ugg, and Teva — also received praise for its performance, particularly due to the success of Hoka running shoes.
Hoka、Ugg和Teva等品牌的母公司Deckers Outdoor也因其表現而受到好評，特別是由於Hoka跑鞋的成功。
Hoka's sales have surged from $223 million in fiscal 2019 to a projected $1.78 billion for fiscal 2024. It achieved a compound annual growth rate of 51.4%, Cramer noted.
霍卡的銷售額已從2019財年的2.23億美元激增至2024財年的預計17.8億美元。克萊默指出，它實現了51.4％的複合年增長率。
"Deckers has seen its stock surge 513 percent over the same period," he said. The company's direct-to-consumer business and international expansion, particularly in Europe and China, have also been significant growth drivers.
他說：“Deckers的股票同期上漲了513％。”該公司的直接面向消費者的業務和國際擴張，尤其是在歐洲和中國，也是重要的增長動力。
However, Cramer cautioned that investing in these high-growth companies comes at a price. "They're expensive. They're really expensive," he said. On Holding trades at over 33 times next year's earnings estimates, while Deckers trades at 25 times.
但是，克萊默警告說，投資這些高增長的公司是有代價的。“它們很昂貴。它們真的很昂貴，” 他說。On Holding的交易價格是明年收益預期的33倍以上，而Deckers的交易價格爲25倍。
Despite the steep valuations, he said, "You have to pay up for outsized growth and these companies can deliver it."
儘管估值很高，但他說：“你必須爲超額增長付出代價，這些公司才能實現增長。”
"Even when the footwear and athletic apparel space is a nightmare for most of the industry, you can still find great brands that are winning, like the ones that belong to On Holding and Deckers Outdoor," Cramer added.
克萊默補充說：“即使鞋類和運動服裝領域對大多數行業來說是一場噩夢，你仍然可以找到獲勝的優秀品牌，例如屬於On Holding和Deckers Outdoor的品牌。”
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譯文內容由第三人軟體翻譯。