Industry Surveys

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Industry Surveys
Apparel & Footwear

March 4, 2004

CURRENT ENVIRONMENT..................................................................1

Marie Driscoll, CFA Apparel Analyst Yogeesh Wagle Footwear Analyst

A $500 million opportunity in women’s better apparel More changes to follow The end of quotas and tariffs Summary of overall environment Consumer confidence on the rise Apparel sales decline eases In search of style Footwear sales step down Industry outlook brightens

INDUSTRY PROFILE...............................................................................7 The industry that suits everyone Apparel Footwear

Contacts: Media John Piecuch 212.438.1102 john_piecuch@ standardandpoors.com Sales 800.221.5277 roger_walsh@ standardandpoors.com Inquiries & Client Support 800.523.4534 clientsupport@ standardandpoors.com Replacement copies 800.852.1641

INDUSTRY TRENDS .................................................................................8 Shorter cycles Technology changes the competitive landscape Price deflation Offshore sourcing Diversifying to survive Sales channels proliferate Following the demographics HOW THE INDUSTRY OPERATES ..............................................................16 Components of the industries Intense competition Manufacturing dynamics Vital role of technology Pivotal distribution channels Enhancing customer loyalty KEY INDUSTRY RATIOS AND STATISTICS ..................................................22 HOW TO ANALYZE AN APPAREL OR FOOTWEAR COMPANY ........................24 Qualitative factors Quantitative factors Earnings quality

GLOSSARY .............................................................................................30 INDUSTRY REFERENCES.....................................................................31 COMPARATIVE COMPANY ANALYSIS ..............................................34 THIS ISSUE REPLACES THE ONE DATED JULY 3, 2003. THE NEXT UPDATE OF THIS SURVEY IS SCHEDULED FOR SEPTEMBER 2004.

Standard & Poor’s Industry Surveys
Editor: Eileen M. Bossong-Martines Copy Editor: Carol A. Wood Production: GraphMedia Statistician: Sally Kathryn Nuttall Production Coordinator: Paulette Dixon Client Support: 1-800-523-4534 Copyright © 2004 by Standard & Poor’s All rights reserved. ISSN 0196-4666 USPS No. 517-780 Visit the Standard & Poor’s web site: http://www.standardandpoors.com

STANDARD & POOR’S INDUSTRY SURVEYS is published weekly. Annual subscription: $10,500. Reproduction in whole or in part (including inputting into a computer) prohibited except by permission of Standard & Poor’s. Executive and Editorial Office: Standard & Poor’s, 55 Water Street, New York, NY 10041. Standard & Poor’s is a division of The McGraw-Hill Companies. Officers of The McGraw-Hill Companies, Inc.: Harold McGraw III, Chairman, President, and Chief Executive Officer; Kenneth M. Vittor, Executive Vice President and General Counsel; Robert J. Bahash, Executive Vice President and Chief Financial Officer; Frank D. Penglase, Senior Vice President, Treasury Operations. Periodicals postage paid at New York, NY 10004 and additional mailing offices. POSTMASTER: Send address changes to INDUSTRY SURVEYS, attention Mail Prep, Standard & Poor’s, 55 Water Street, New York, NY 10041. Information has been obtained by INDUSTRY SURVEYS from sources believed to be reliable. However, because of the possibility of human or mechanical error by our sources, INDUSTRY SURVEYS, or others, INDUSTRY SURVEYS does not guarantee the accuracy, adequacy, or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information.

VOLUME 172, NO. 10, SECTION 1 THIS ISSUE OF INDUSTRY SURVEYS INCLUDES 3 SECTIONS.

C URRENT E NVIRONMENT

A $500 million opportunity in woman’s better apparel
In early June 2003, after its attempts to negotiate a higher licensing fee failed, Polo Ralph Lauren Corp. ended its six-year licensing...
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