Investing.com - Once beloved by growth investors worldwide, the sport apparel industry has hit a rough patch. Foot Locker (NYSE:FL), a barometer of the industry, reported on Friday its first comparable sales decline in 7 years.In the conference call, Richard Johnson, Foot Locker's Chairman and CEO, called out the underperformance of Jordans and Adidas (DE:ADSGN) in the quarter.Right now, the biggest problem for the industry is the limited availability of innovative new products in the market.Consumers are always after the latest and greatest – and the industry struggles to keep up. Late last week, the industry's bleak future was the catalyst for a wide selloff, including a 27% drop in Foot Locker's share value. The underperformance of leading brands leaves Nike (NYSE:NKE), Adidas and others to scramble for innovation, but not all is lost.Most of sports professional leagues are coming back in August and September, and will spur a new wave of interest in sports apparel.We also strongly believe in Nike's and Adidas' ability to rebound and come up with new, exciting products. As for Under Armour and Foot Locker, both are too troubled to consider as an investment today, and will possibly need a couple of years to stabilize.Overall, we expect the coming year to be critical and volatile for sports apparel, and look forward to see the main market players' reaction to these latest developments.