LSD retail sales growth in 2Q25, slightly below CMBI est. of 6%, also slowing down from the MSD in 1Q25, but we believe this is not totally a surprise given the weak industry trend in Jun 2025. In fact, the LSD growth is still inline with management's FY25E guidance (about LSD to MSD retail sales growth for Xtep core brand, deduced by the positive group-level sales growth and 30%-40% Saucony sales growth). The slight miss was mostly due to: 1) intense industry competition (some brands did provide more disco ...