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.
Recent News
Truckers File Lawsuit Against NYC Congestion Pricing
The fees will be imposed on all drivers beginning June 30.
Two Planes Narrowly Collide at Reagan National Airport
This is the second time this type of incident has occurred in two months at the same airport.
Orange Juice Prices Soar, Producers Consider Alternatives
Orange juice producers are grappling with a significant challenge as soaring prices driven by a global shortage of oranges prompt them to consider alternative fruits for making the popular breakfast beverage.
Jeep’s New Wagoneer S Trailhawk Concept Is an All-Electric SUV
Jeep has unveiled the Wagoneer S Trailhawk concept, an all-electric SUV that combines off-road capability with modern electric technology.