Foot Locker Shares Plummet on Forecast Cut, Dividend Pause; Drags Peers
August 24, 2023
Shares of Foot Locker plunged by as much as 36%, hitting a 13-year low, due to warnings of weak consumer demand amid persistent inflation. The sportswear retailer’s limited selection and heightened promotions from competitors impacted its sales and back-to-school shopping season. Foot Locker’s downward trajectory also dragged down peers like Dick’s Sporting Goods, Under Armour, Adidas, Puma, and top supplier Nike, which saw its longest losing streak in 10 days, hinting at broader challenges in the retail distribution channels.
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