Piper Sandler Companies · NYSE:PIPR
Piper Sandler Companies — Piper Jaffray Companies — Investor Presentation (2017)
67 slides from Piper Sandler Companies's investor presentation, 2017
Slide 1: Taking Stock With Teens
Taking Stock With Teens A Collaborative Consumer Insights Project Spring 2017 Piper Jaffray does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this rep
Slide 2: Disclosures
DISCLOSURES Disclosures for universe of: Sam Kemp, Stan Meyers, Nicole Miller Regan, Erinn Murphy, Mike Olson 1. I or a household member has a financial interest in the securities of the following companies: none 2. I or a household member is an officer, director, or advisory board member of the fol
Slide 3: Investment Risks
Investment Risks Risks to achievement of investment objectives include, but are not limited to, the following: • Reliance on key top management • Changing consumer preferences • Changes in input costs and raw materials • Markdown risks • Product flow and inventory disruptions • Competition • Lack of
Slide 4: Global Fashion & Lifestyle Brands, Restaurants, Media & Devices
Global Fashion & Lifestyle Brands Restaurants Media & Devices Questions & Answers Appendix
Slide 5: 33rd Semi-Annual Proprietary Teen Research Project
33rd Semi-Annual Proprietary Teen Research Project National survey of teens measuring: UPPER-INCOME GROUP • Spending Patterns • Channel Preferences • Product Trends & Cycles 1,400 teens $100,000 Classroom visits Household income and electronic 5,500 Responses surveys Represents top 20% of U.S. house
Slide 6: Executive Summary
Executive Summary Top Clothing Brands Top Footwear Brands Top Handbag Brands 1 Nike 31% 1 Nike 52% 1 Michael Kors 33% 2 American Eagle 10% 2 Vans 9% 2 Kate Spade 19% 3 Forever 21 5% 3 adidas 8% 3 Coach 9% 4 lululemon 3% 4 Converse 6% 4 Longchamp 5% adidas 3% 5 Steve Madden 2% 5 Louis Vuitton 5% 5 H&
Slide 7: Global Fashion & Lifestyle Brands
Global Fashion & Lifestyle Brands Clothing, Shoes, Accessories & Connected Devices 36% of Teen Spending
Slide 8: Total Teen Spending Is Down Slightly
$500 $1,000 $1,500 $2,000 $2,500 $3,000 $3,500 8 | Taking Stock With Teens Spring 2005 Fall 2005 Spring 2006 Fall 2006 Spring 2007 Fall 2007 Spring 2008 Fall 2008 Spring 2009 Fall 2009 Spring 2010 Fall 2010 Spring 2011 Fall 2011 Spring 2012 Fall 2012 Total Teen Spending Is Down Slightly Spring 2013
Slide 9: What Is In A Teen's Wallet Today?
What Is In A Teen’s Wallet Today? All Upper-Income Teens Basic Needs Basic Needs 21% 15% Electronics, Cars, Social & Other Budget 37% Female Selfie Budget Selfie Budget 36% 48% Clothing, Accessories, Personal Care, & Shoes Basic Needs 25% Social Budget 43% Food, Video Games, Music, Movies, Events, &
Slide 10: Top Spending Categories For Teens
Top Spending Categories For Teens Upper-Income Teen’s Wallet Male’s Wallet Share Female’s Wallet Share 1 Food 24% 1 Clothing 25% 2 Clothing 16% 2 Food 23% Personal Care/ 3 Video Games 12% 3 Accessories 16% 10 | Taking Stock With Teens
Slide 11: Shopping Channel Preferences Indexing Online
Shopping Channel Preferences Indexing Online TIME SPENT IN SHOPPING CHANNELS (UPPER-INCOME, ALL TEENS) Fall 2013 Spring 2014 Fall 2014 Spring 2015 Fall 2015 Spring 2016 Fall 2016 Spring 2017 Peak Specialty 27% 27% 27% 26% 27% 27% 26% 24% 47% Major Chain / Dept Store 18% 18% 18% 18% 17% 17% 17% 16% 3
Slide 12: Amazon As Top Website For Teens
Amazon As Top Website For Teens Upper-Income Teens Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 % Rank Spring 2017 % 1 Amazon 38% 1 Amazon 41% 1 Amazon 40% 1 Amazon 43% 2 Nike 8% 2 Nike 5% 2 Nike 8% 2 Nike 5% 3 eBay 4% 3 Forever 21 5% 3 American Eagle 4% 3 American Eagle 5% 4 Forever 21 3% 4 e
Slide 13: Athletic Is A Multi-Year Trend; Not A Cycle
Athletic Is A Multi-Year Trend; Not A Cycle Favorite Apparel Brand, Upper-Income Teens Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 % Rank Spring 2017 % 1 Nike 27% 1 Nike 21% 1 Nike 29% 1 Nike 31% 2 Forever 21 7% 2 American Eagle 8% 2 American Eagle 9% 2 American Eagle 10% 3 American Eagle 6%
Slide 14: Athletic Is A Multi-Year Trend; Not A Cycle
Athletic Is A Multi-Year Trend; Not A Cycle Favorite Apparel Brand, Upper-Income Teens 41% of teen names an athletic apparel brand as their preferred apparel brand (unaided) 14 | Taking Stock With Teens
Slide 15: Athletic Is A Multi-Year Trend; Not A Cycle
Athletic Is A Multi-Year Trend; Not A Cycle Favorite Footwear Brand, Upper-Income Teens Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 % Rank Spring 2017 % 1 Nike 50% 1 Nike 48% 1 Nike 51% 1 Nike 52% 2 Vans 9% 2 Vans 10% 2 Vans 9% 2 Vans 9% 3 Converse 7% 3 Converse 7% 3 Converse 7% 3 Adidas 8% 4
Slide 16: Favorite Footwear Brand, Upper-Income Males
Athletic Is A Multi-Year Trend; Not A Cycle Favorite Footwear Brand, Upper-Income Males 16 | Taking Stock With Teens
Slide 17: Favorite Footwear Brand, Upper-Income Females
Athletic Is A Multi-Year Trend; Not A Cycle Favorite Footwear Brand, Upper-Income Females 17 | Taking Stock With Teens
Slide 18: adidas Share Hits Ten-Year High For Males
adidas Share Hits Ten-Year High For Males Favorite Footwear Brand, Upper-Income Males 18 | Taking Stock With Teens
Slide 19: adidas Share Pushes Past Peak Among Females
adidas Share Pushes Past Peak Among Females Favorite Footwear Brand, Upper-Income Females 19 | Taking Stock With Teens
Slide 20: Patagonia On The Rise
Patagonia On The Rise--Or Shall We Say Pata“Gucci” Brands Teens Are Starting To Wear (Upper-Income Males) Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 % Rank Spring 2017 % 1 Nike 13% 1 Nike 11% 1 Nike 13% 1 Adidas 10% 2 Ralph Lauren 11% 2 Ralph Lauren 10% 2 Ralph Lauren 10% 2 Nike 9% 3 Adidas
Slide 21: Teens Talk Trends – Casual & Athletic For Males
Teens Talk Trends – Casual & Athletic For Males Top Fashion Trends Right Now, Upper-Income Males Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 % Rank Spring 2017 % 1 Nike/Jordans 18% 1 Nike/Jordans 20% 1 Nike/Jordans 19% 1 Nike / Jordans 18% 2 Preppy 8% 2 Jogger Pants 12% 2 Jogger Pants 8% 2 Jo
Slide 22: Teens Talk Trends – The 90s For Females
Teens Talk Trends – The 90s For Females Top Fashion Trends Right Now, Upper-Income Females Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 % Rank Spring 2017 % 1 Leggings/lululemon 24% 1 Leggings/lululemon 23% 1 Leggings/lululemon 25% 1 Leggings / lululemon 25% 2 Nike / Jordans 5% 2 Victoria's Se
Slide 23: Brands Teens No Longer Wear
Brands Teens No Longer Wear… Upper-Income Males Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 % Rank Spring 2017 % 1 Gap 13% 1 Gap 13% 1 Adidas 10% 1 Under Armour 11% 2 Adidas 10% 2 Adidas 9% 2 Gap 10% 2 Gap 10% 3 Abercrombie & Fitch 8% 3 Abercrombie & Fitch 7% 3 Under Armour 7% 3 Adidas 9% 4 U
Slide 24: Handbag Brand Preferences
Handbag Brand Preferences Upper-Income Females Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 % Rank Spring 2017 % 1 Michael Kors 31% 1 Michael Kors 38% 1 Michael Kors 34% 1 Michael Kors 33% 2 Kate Spade 15% 2 Kate Spade 16% 2 Kate Spade 19% 2 Kate Spade 19% 3 Coach 10% 3 Coach 12% 3 Coach 10% 3
Slide 25: Watch Brands
Watch Brands Upper-Income Teens Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 % Rank Spring 2017 % 1 Rolex 34% 1 Rolex 29% 1 Rolex 37% 1 Rolex 37% 2 Michael Kors 19% 2 Michael Kors 22% 2 Michael Kors 17% 2 Michael Kors 15% 3 Casio 7% 3 Fossil 8% 3 Apple 5% 3 Fossil 8% 4 Fossil 5% 4 Casio 6% Cas
Slide 26: Connected Devices
Connected Devices Favorite Fitness Band – All Teens Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 % Rank Spring 2017 % 1 Fitbit 53% 1 Fitbit 72% 1 Fitbit 71% 1 Fitbit 71% 2 Nike 24% 2 Nike 12% 2 Nike 13% 2 Apple 10% 3 Apple 7% 3 Apple 6% 3 Apple 6% 3 Nike 9% 4 Garmin 5% 4 Garmin 3% 4 Garmin 3%
Slide 27: Restaurants
Restaurants Food 24% of Teen Spending
Slide 28: Restaurant Spending Trends
Restaurant Spending Trends Restaurants have steadily grown in importance within the broader teen wallet. FOOD VS. CLOTHING SPEND During the most recent survey, restaurants represented 24% of overall spending for upper-income teens. In addition to increasing share of the overall budget restaurant spe
Slide 29: Restaurant Spending Trends
Restaurant Spending Trends In addition to increasing both absolute and relative dollars at restaurants teens are PREFERENCE FOR LIMITED SERVICE BRANDS showing an increasing preference for limited service restaurants relative to full service brands. This is the continuation of a longer-term trend we
Slide 30: Restaurant Spending Trends
Restaurant Spending Trends In the current “Pay For Performance” stage of PREFERRED BRANDS (UPPER INCOME) the cycle we view a brand’s recipe for success as equal parts human capital, brand equity, prudent growth, and capitalizing on strategic opportunities. Over time, this should lend itself to self-
Slide 31: Media & Devices
Media & Devices Music, Video Games, Mobile & Entertainment 26% of Teen Spending
Slide 32: A Pause in Social Trends
A Pause in Social Trends Platform engagement changes vs. Fall 2016 are limited, including Which social platform do you use at least once per month? Spring 2015 Fall 2015 Spring 2016 Fall 2016 Spring 2017 paused declines at FB. Snapchat 68% 74% 75% 80% 81% Instagram 73% 76% 74% 79% 79% Twitter 57% 58
Slide 33: FB Declines Pause; Instagram = Solid
FB Declines Pause; Instagram = Solid Despite investor concern over Snapchat taking share, Facebook Facebook Engagement Stabile adoption is stable across 80% Spring-15 Fall-15 Spring-16 Fall-16 Spring-17 most age cohorts. % Indicating Use in Past Month 70% 60% 50% Instagram’s strength 40% remains str
Slide 34: Clear Instagram Monetization Opportunity
Clear Instagram Monetization Opportunity We asked teens “What is the best way for a retailer/brand to communicate with you about new products or promotions?” Brands/Retailers: Teens Want to Hear From you on Instagram! % Indicating the best way to communicate new products/promotions They told us that
Slide 35: Snap Continues Winning Teens
Snap Continues Winning Teens Snapchat is not seeing any negative impacts from the recent use case Snapchat Continues to Gain Traction Across Ages diversification at FB, 100% Spring-15 Fall-15 Spring-16 Fall-16 Spring-17 Messenger and %Indicating Use in Past Month 90% 80% Instagram. 70% 60% 50% 81% o
Slide 36: Amazon Mindshare Gains Continue
Amazon Mindshare Gains Continue Amazon mindshare gains continue, driven by female and male PREFERRED WEBSITES (UPPER-INCOME) Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 % Rank Spring 2017 % respondents. 1 Amazon 38% 1 Amazon 41% 1 Amazon 40% 1 Amazon 43% 2 Nike 8% 2 Nike 5% 2 Nike 8% 2 Nike 5
Slide 37: Profile of Prime Adoption
Profile of Prime Adoption Prime adoption has increased across all income brackets in each 90% Amazon Prime Penetration by Household Income of the past six surveys. 80% Fall 2014 Spring 2015 Fall 2015 70% Spring 2016 Our survey suggests Fall 2016 60% Spring 2017 69M households have 50% Prime membersh
Slide 38: Teen iPhone Ownership Up Nicely
Teen iPhone Ownership Up Nicely iPhone ownership of 76% is highest rating ever with upside remaining–81% of teens say next phone will be an iPhone. Apple Watch Intention 18% 16% Apple Watch interest 14% remains modest with 12% 13% of teens planning 10% Own A Smartwatch on buying an Apple 8% Plan to
Slide 39: Console Video Game Takeaways
Console Video Game Takeaways 75% of respondents anticipate buying a current gen console or DO YOU ALREADY OWN OR EXPECT YOUR HOUSEHOLD TO BUY THE PS4 OR XBOX already own one, ONE IN THE NEXT TWO YEARS? compared to 76% in Fall 2016. New console Sales of Current Gen Consoles Outpacing Prior Cycle* own
Slide 40: Console Video Game Takeaways
Console Video Game Takeaways Expected spend by male teens on video games is HOW MUCH ARE TEENS SPENDING ANNUALLY ON VIDEO GAMES? up 12% for Spring 2017, while total spend (male and female) is up 4% to $198 - Expected Video Game Spend in 2017 $198, after declining 11% $250 14% 12% - Budget Spent On V
Slide 41: Teen Mobile Game Trends
Teen Mobile Game Trends DO YOU PLAY GAMES ON YOUR MOBILE PHONE OR TABLET? % of % of % of % of % of 73% play games on Students % of Students % of Students % of Students % of Students smartphone or tablet, Spring Students Spring Students Spring Students Spring Students Spring 2013 Fall 2013 2014 Fall
Slide 42: Video and Music Trends
Video and Music Trends TEEN DAILY VIDEO CONSUMPTION Netflix and YouTube continue to dominate teens’ video consumption as Cable TV (23%) continues to lose share. TEEN MUSIC CONSUMPTION ACROSS PLATFORMS On-demand music services like Spotify continue to gain market share among teens (increased to 38% f
Slide 43: DIS Well Positioned Over The Next 12 Months
DIS Well Positioned Over The Next 12 Months MOST ANTICIPATED FILMS IN THE NEXT 12 MONTHS • Our survey points to another solid 12 months for the disney studio • Disney films dominated the most anticipated list with beauty and the beast, star wars, guardians of the galaxy 2 grabbing the #2, #3 and #4
Slide 44: Stock Highlights: Global Lifestyle and Fashion Brands
Stock Highlights: Global Lifestyle and Fashion Brands Analyst: Erinn Murphy ADS-GR (+): MINDSHARE ACCELERATION ACROSS GENDERS & CATEGORIES LIKELY FUELS MARKET SHARE GAINS Adidas footwear mindshare doubled Y/Y from 4% to 8% across both income levels, while rising to the No. 1 spot for new brands worn
Slide 45: Stock Highlights: Restaurants
Stock Highlights: Restaurants Analyst: Nicole Miller Regan SBUX (=/+): REMAINS MOST PREFERRED BRAND AMONG AVERAGE INCOME TEENS Starbucks maintains its position as the most preferred brand among average income teens across all geographies. Starbucks shares the position as most preferred brand among u
Slide 46: Stock Highlights: Internet
Stock Highlights: Internet Analyst: Sam Kemp FB (+): ENGAGEMENT DECLINES STABILIZE; INSTAGRAM HOLDING ITS OWN AGAINST SNAPCHAT Teens showed little change in the rate of engagement and the relative level of preference for core Facebook: 52% of teens report using Facebook in the past month and 33% ind
Slide 47: Stock Highlights: Consumer Technology & ecommerce
Stock Highlights: Consumer Technology & ecommerce Analyst: Mike Olson AMZN (+): SURVEY SHOWS INCREASED MINDSHARE & INCREASING PRIME ADOPTION Amazon gained 200bps of teen mindshare y/y at 43% mindshare in the U.S. Prime adoption continues to be strong; survey implies ~69M U.S. households have Prime.
Slide 48: Stock Highlights: Media and Entertainment
Stock Highlights: Media and Entertainment Analyst: Stan Meyers DIS (+): SURVEY POINTS TO ANOTHER SOLID 12-MONTH RUN FOR THE DISNEY STUDIO • Our survey points to another solid 12 months for the Disney Studio. • Disney films dominated the most anticipated list with Beauty and the Beast, Star Wars, Gua
Slide 49: Questions & Answers
Questions & Answers SPEAKER COVERAGE Erinn Murphy Global Fashion & Lifestyle Brands Nicole Miller Regan Restaurants Sam Kemp Internet Michael Olson Online Content Stan Meyers Media & Entertainment 49 | Taking Stock With Teens
Slide 50: Appendix
Appendix Pip erJaffr ay. REALIZE THE POWER OF PARTNERSHIP...
Slide 51: Project Framework & Key Demographics
Project Framework & Key Demographics Fall 2013 Spring Fall 2014 Spring Fall 2015 Spring Fall 2016 Spring ALL TEENS 2014 2015 2016 2017 Teens Surveyed 8,650 7,500 7,200 6,200 9,400 6,500 10,000 5,500 Gender - Female 47% 47% 47% 49% 44% 44% 45% 45% Gender - Male 53% 53% 53% 51% 56% 56% 55% 55% Average
Slide 52: Spending by Category by Income Demographic
Spending by Category by Income Demographic SPENDING BY CATEGORY (UPPER-INCOME, ALL TEENS) Spending by Category - All Teens Fall 2013 Spring 2014 Fall 2014 Spring 2015 Fall 2015 Spring 2016 Fall 2016 Spring 2017 Video Games / Systems 7% 7% 7% 8% 7% 7% 7% 8% Music / Movies (DVD/CD) 6% 6% 6% 6% 6% 5% 5
Slide 53: Top Fashion Trends Right Now
Top Fashion Trends Right Now TOP FASHION TRENDS RIGHT NOW (UPPER-INCOME, MALES) Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 % Rank Spring 2017 % 1 Nike/Jordans 18% 1 Nike/Jordans 20% 1 Nike/Jordans 19% 1 Nike / Jordans 18% 2 Preppy 8% 2 Jogger Pants 12% 2 Jogger Pants 8% 2 Jogger Pants 8% Ral
Slide 54: Uptrending Brands
Uptrending Brands BRANDS STARTING TO WEAR (UPPER-INCOME, MALES) Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 % Rank Spring 2017 % 1 Nike 13% 1 Nike 11% 1 Nike 13% 1 Adidas 10% 2 Ralph Lauren 11% 2 Ralph Lauren 10% 2 Ralph Lauren 10% 2 Nike 9% 3 Adidas 6% 3 Adidas 7% 3 Adidas 8% 3 Ralph Lauren
Slide 55: Downtrending Brands
Downtrending Brands BRANDS NO LONGER WORN (UPPER-INCOME, MALES) Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 % Rank Spring 2017 % 1 Gap 13% 1 Gap 13% 1 Adidas 10% 1 Under Armour 11% 2 Adidas 10% 2 Adidas 9% 2 Gap 10% 2 Gap 10% 3 Abercrombie & Fitch 8% 3 Abercrombie & Fitch 7% 3 Under Armour 7%
Slide 56: Top Clothing Brands Among Upper-Income
Top Clothing Brands Among Upper-Income PREFERRED CLOTHING BRANDS (UPPER-INCOME, ALL TEENS) Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 % Rank Spring 2017 % 1 Nike 27% 1 Nike 21% 1 Nike 29% 1 Nike 31% 2 Forever 21 7% 2 American Eagle 8% 2 American Eagle 9% 2 American Eagle 10% 3 American Eagle
Slide 57: Top Clothing Brands Among Average-Income
Top Clothing Brands Among Average-Income PREFERRED CLOTHING BRANDS (AVERAGE-INCOME, ALL TEENS) Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 % Rank Spring 2017 % 1 Nike 21% 1 Nike 23% 1 Nike 27% 1 Nike 27% 2 American Eagle 8% 2 American Eagle 9% 2 American Eagle 8% 2 American Eagle 10% 3 Foreve
Slide 58: Top Footwear Brands Among Upper-Income
Top Footwear Brands Among Upper-Income PREFERRED FOOTWEAR BRANDS (UPPER-INCOME, ALL TEENS) Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 % Rank Spring 2017 % 1 Nike 50% 1 Nike 48% 1 Nike 51% 1 Nike 52% 2 Vans 9% 2 Vans 10% 2 Vans 9% 2 Vans 9% 3 Converse 7% 3 Converse 7% 3 Converse 7% 3 Adidas 8
Slide 59: Top Footwear Brands Among Average-Income
Top Footwear Brands Among Average-Income PREFERRED FOOTWEAR BRANDS (AVERAGE-INCOME, ALL TEENS) Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 % Rank Spring 2017 % 1 Nike 51% 1 Nike 54% 1 Nike 53% 1 Nike 50% 2 Vans 10% 2 Vans 9% 2 Vans 9% 2 Vans 9% 3 Converse 6% 3 Converse 6% 3 Converse 7% 3 Adid
Slide 60: Top Athletic Clothing Brands Among Upper-Income
Top Athletic Clothing Brands Among Upper-Income PREFERRED ATHLETIC CLOTHING BRANDS (UPPER-INCOME, ALL TEENS) Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 % Rank Spring 2017 % 1 Nike 72% 1 Nike 71% 1 Nike 71% 1 Nike 69% 2 lululemon 7% 2 Adidas 7% 2 lululemon 7% 2 Adidas 8% 3 Under Armour 6% 3 U
Slide 61: Top Athletic Clothing Brands Among Average-Income
Top Athletic Clothing Brands Among Average-Income PREFERRED ATHLETIC CLOTHING BRANDS (AVERAGE-INCOME, ALL TEENS) Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 % Rank Spring 2017 % 1 Nike 70% 1 Nike 69% 1 Nike 72% 1 Nike 69% 2 Under Armour 10% 2 Under Armour 10% 2 Under Armour 9% 2 Adidas 9% 3 A
Slide 62: Top Athletic Footwear Brands Among Upper-Income
Top Athletic Footwear Brands Among Upper-Income PREFERRED ATHLETIC FOOTWEAR BRANDS (UPPER-INCOME, ALL TEENS) Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 % Rank Spring 2017 % 1 Nike 83% 1 Nike 81% 1 Nike 83% 1 Nike 80% 2 Adidas 4% 2 Adidas 6% 2 Adidas 7% 2 Adidas 8% 3 ASICS 2% 3 ASICS 2% 3 ASI
Slide 63: Top Athletic Footwear Brands Among Average-Income
Top Athletic Footwear Brands Among Average-Income PREFERRED ATHLETIC FOOTWEAR BRANDS (AVERAGE-INCOME, ALL TEENS) Rank Fall 2015 % Rank Spring 2016 % Rank Fall 2016 % Rank Spring 2017 % 1 Nike 81% 1 Nike 80% 1 Nike 82% 1 Nike 80% 2 Adidas 4% 2 Adidas 5% 2 Adidas 6% 2 Adidas 8% 3 Under Armour 3% 3 Und
Slide 64: Meet Our Senior Analyst Team
Meet Our Senior Analyst Team Erinn Murphy Nicole Miller Regan Sam Kemp Managing Director Managing Director Vice President Sr. Research Analyst Sr. Research Analyst Sr. Research Analyst Global Fashion & Restaurants Internet Lifestyle Brands Mike Olson Stan Meyers Managing Director Vice President Sr.
Slide 65: Important Research Disclosures
Important Research Disclosures Analyst Certification – Sam Kemp, Stan Meyers, Nicole Miller Regan, Erinn Murphy, Mike Olson, Senior Research Analysts: The views expressed in this report accurately reflect my personal views about the subject company and the subject security. In addition, no part of m
Slide 66: Important Research Disclosures
Important Research Disclosures Other Important Information The material regarding the subject company is based on data obtained from sources deemed to be reliable; it is not guaranteed as to accuracy and does not purport to be complete. This report is solely for informational purposes and is not int
Slide 67: Piper Jaffray. Realize the Power of Partnership
Pip erJaffray. REALIZE THE POWER OF PARTNERSHIP...
Piper Jaffray Companies — Investor Presentation (2017) on 6ix