The stranglehold on Apparel is gone; they no longer dominate the category in popularity. They still sell plenty, sure, no arguement there, but just take a look at profit margins. They have gone down 2% in the last two years, from 10.5% to 8.6%. This now means they need to sell more items to make the same money. Earnings have gone down despite revenues going up(again this is from lower prices which lead to an increase in sales but less profit). They own the shoe business right now but Under Armour is showing it can grow the business. In the next decade, I see UA catching up domestically and Nike stagnating or declining overall. But at 47B, growth is factored in. Stocks tend to ride higher on fumes for awhile(months to years) but the numbers are the numbers. Declining earnings with revenues increasing means treading water and drowning slowly.