And as analysts pore over data points, there are new concerns that the U.S. business could deteriorate further. Williams Trading analyst Sam Poser, who sees weakness in wholesale growth and a lack of differentiation when it comes to key specialty retailers, cautioned that On could lose “share to Nike over the next six-to-nine months.” Jefferies analyst Randal Konik has always preferred Nike to On. He also noted then that Nike had ramped up product innovation within Nike Running and had corrected its wholesale distribution strategy. What’s interesting, he noted last year, was that On’s “past wholesale growth came while Nike pulled back” its in-store presence.