Citi analyst Kate McShane believes that general shopping trends remain challenging, but that athletic continues to be an "intact" industry that can still capitalize on increased casualization and ongoing innovation.

Additionally, investors can get several stocks in the sector, including Under Armour (UA), Nike (NKE) and Skechers (SKX), at a discount ahead of this year's back-to-school season compared to last, McShane tells investors.

The analyst identifies Foot Locker (FL), which was also mentioned positively by analysts at UBS and Brean Capital this morning, as her top pick in the space.