BIRD - Ralph Lauren PVH and Under Armour lead drops across apparel and footwear stocks

The selling pressure in the stock market hit the apparel sector on Friday, particularly with some higher-end names. Concerns on lower demand in Europe and inflation headwinds hit Capri Holdings (CPRI -14.0%), PVH Corp (PVH -10.5%), Ralph Lauren (RL -7.4%), Canada Goose (GOOS -4.9%) and Kontoor Brands (KTB -5.6%). There is also some worries about the apparel sector lapping the stimulus-boosted quarters from the spring and summer of last year. Hedgeye's Brian McGough expects that this year is going to be a painful "mean reversion year" for apparel spending in both units per capital and average price per garment, which will pressure every apparel retailer. Mall names Guess (GES -8.1%), Victoria's Secret (VSCO -8.0%), Burlington Stores (BURL -8.2%) and Allbirds (BIRD -4.4%) traded weak on Friday. The footwear sector also saw big declines with Under Armour (UAA -5.7%), Skechers (SKX -8.4%), Crocs (CROX -6.5%), Nike (NKE -2.1%), Foot Locker (FL

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Ralph Lauren, PVH and Under Armour lead drops across apparel and footwear stocks