Foot Locker Inc. says it’s not worried about Amazon, but analysts say it should be. The athletic retailer should also be nervous about the direct-to-consumer actions being taken by some of the biggest names on its shelves.

Foot Locker FL, -0.44% shares plummeted 28% in Friday trading after the company reported a 6% second-quarter same-store sales decline, and a 4.4% year-over-year decrease in sales, to $1.78 billion. The FactSet consensus was $1.80 billion.

In an earnings statement, Foot Locker Chief Executive Richard Johnson reaffirmed the company’s “strong” position in the premium sneaker market and said the company was hurt by “limited availability of innovative new products in the market.”

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On the Friday earnings call, Johnson went on to say that the company isn’t worried about Amazon.com Inc. AMZN, -1.78% because of the experience at Foot Locker stores, like a special event or a conversation with one of the store associates.

“For that reason, we do not believe our vendors selling product directly on Amazon is an imminent threat,” he said, according to a FactSet transcript. “There is no indication that any of our vendors intend to sell premium athletic product, $100-plus sneakers that we offer, directly via that sort of distribution channel.”

For more affordable and “undifferentiated” items, shoppers might head to Amazon. But Johnson said the company believes that “vendors agree with us that consistently selling their premium aspirational product requires great storytelling, great relevance to the influences on our customers lives, as well as engaging digital and in-store experiences.”

Nike Inc. NKE, -1.46% confirmed in July that it would be piloting a limited assortment on Amazon. The company also announced that it would be cutting its workforce and reorganizing its structure in order to increase its direct-to-customer efforts.

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It’s these direct-to-consumer efforts, which are also ramping up at brands like Under Armour Inc. UAA, -3.75% and Adidas AG ADS, -2.00% that should be on Foot Locker’s radar, according to Cowen & Company.

“Foot Locker’s same-store sales and operating margin will continue to fall from peak levels as the transition to digital and supply of athletic and lifestyle footwear continues to shift to a variety of channels and emerging brands,” analysts led by John Kernan wrote in a note.

Calling the websites for Nike and Adidas a “contagion,” Cowen says these brand sites are stripping sales from Foot Locker.

“Brands like Nike with its SNKRS app, ship the shoe directly to you, removing the requirement of ever setting foot in a store,” the note said.

Analysts are concerned about Foot Locker’s “reliance on premium Nike sneakers,” especially because Cowen’s channel checks show a slowdown in that category.

“We think this overhang, along with Nike, Under Armour and Adidas’ plans to dramatically increase their own direct-to-consumer businesses, will prevent Foot Locker share from seeing a meaningful multiple expansion,” the note said.

Cowen & Company rates Foot Locker shares market perform and cut the retailer’s price target to $37 from $52.

According to John Zolidis, president of Quo Vadis Capital, “athleisure is over” and there are “several years of pain” ahead for companies in this space.

Zolidis points to downside at companies including Hibbett Sports Inc. HIBB, +1.31% , Big 5 Sporting Goods Corp. BGFV, +7.80% as evidence that customers are less inclined to pay the high price for “purported technical athletic features in apparel or footwear.”

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“It was ‘cool’ to wear yoga pants while shopping at Whole Foods or to be attired in moisture-wicking t-shirts while playing video games and sitting in class,” the note said. “The synchronized downturn in sales across all these companies tells us that this trend is over.”

Zolidis advises investors to “avoid companies in the athletic apparel and footwear space.”

Instinet analysts believe there’s a new retail order in which brands are exploring the opportunities with Amazon and direct-to-consumer channels as oversaturation in the specialty retail channel and diminished department store square footage pinch sales.

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“Within this new world, we believe all brands’ wholesale sales need to be examined and are potentially at risk, but we continue to believe Nike’s scale provides a meaningful competitive advantage (a direct-to-consumer build out isn’t cheap),” the Wednesday note said.