SGB 2025 Year in Review: Active Lifestyle Stocks Take It On the Chin Again

The wide majority of stocks trading in the active lifestyle space in 2025 sharply underperformed broader market gains for the fourth straight year. The lackluster performance was in large part due to disruptions from tariffs, as well as stalled turnaround efforts in several major stocks, including Nike, VF Corp. and Lululemon.

The S&P 500 leapt 17.3 percent in 2025, boosted by robust corporate earnings, enthusiasm for AI and optimism about the Federal Reserve cutting interest rates. The gains capped off an unprecedented three consecutive years of double-digit gains for the Index and came despite concerns about tariffs, geopolitical turmoil, nerves surrounding an AI bubble, and the longest government shutdown in U.S. history.

In other broader indexes, the Dow added 13.7 percent in 2025, while the Nasdaq gained 21.3 percent.

By comparison, of 82 stocks in the active lifestyle space tracked by SGB Media, only 20 – or 27 percent – outperformed the S&P 500’s 17.3 percent gain, while 48, or 59 percent, declined.

Active lifestyle stocks strongly outperformed broader indexes in 2020 and 2021, as the industry benefited from the early stages of the pandemic and heightened interest in outdoor and fitness activities. Sales slowed in the ensuing years as participation largely reverted to pre-pandemic levels, especially at the core level.

Spending on discretionary categories has also been affected in recent years by inflationary pressures, and this continued in 2025, with lower-income consumers particularly affected. Tariffs this year led to supply chain disruptions and higher operating expenses, also contributing to many vendors and retailers missing earnings and sales targets set at the start of the year.

Among stocks taking major hits were Deckers Brands, down 49 percent in 2025 amid concerns over decelerating growth at Hoka.

Nike’s shares fell 15.8 percent to $63.71 as turnaround efforts orchestrated by CEO Elliot Hill developed more slowly than investors hoped. Nike’s shares are down 64.4 percent from its all-time high of $179.10 reached in November 2021.

V.F. Corp., which continued to struggle to reawaken growth at Vans, also gave back another 15.8 percent in share value in 2025 and has collapsed 78 percent since reaching its all-time high in January 2020.

Shares of Newell Brands, parent of Coleman and Marmot, tumbled 62.7 percent, while Helen of Troy, parent of Hydro Flask and Osprey, lost 64.4 percent last year. Each recently slashed guidance due to tariff hits and slower spending. Shares of Columbia Sportswear, Crocs, and Under Armour all fell by more than 30 percent due to weak guidance.

Among the winners, shares of Amer Sports jumped 33.6 percent to $37.35 in 2025, as quarterly results steadily beat targets amid strong momentum at Arc’teryx and Salomon. Shares have nearly tripled since going at $13 a share in February 2024.

Topgolf Callaway jumped 48.5 percent after it recently reached an agreement to sell a 60 percent stake in its struggling Topgolf business to private equity firm Leonard Green, although it is still down about half its value over the past five years. Shares of Yeti, Canada Goose, Rocky Brands and Johnson Outdoors all showed some recovery.

Among retailers, Lululemon shares tumbled 44.9 percent in 2025. In mid-December, its CEO, Calvin McDonald, would depart at the close of the current fiscal year as the company reported its third straight quarter of declines in the Americas region.

Shares of Dick’s Sporting Goods declined 13.5 percent last year amid concerns over its acquisition of Foot Locker. Academy Sports, which fell about the same amount, saw top-line growth pressured by a pullback in spending by lower-income consumers.

Shares of Journey’s parent Genesco, Famous Footwear’s parent Caleres and Shoe Carnival were down over 40 percent amid sales shortfalls.

On the plus side, Walmart, TJX Cos. and Ross Stores were rewarded with higher valuations as shoppers favored retailers that emphasized low prices. Several department stores, including Macy’s, Dillard’s and Kohl’s, saw shares climb over 30 percent on improving results, while Urban Outfitters and Zumiez saw notable gains among specialty chains.

The active lifestyle industry saw no initial public offerings in 2025. Among firms exiting public trading through an acquisition were Big 5 Sporting Goods, Foot Locker, Hanesbrands, Nordstrom, Revelyst (formerly Vista Outdoor), and Skechers.

Image courtesy Nike x Jacquemus