Foot Locker shares plunge 30% as retailer posts holiday loss, delays key financial target
Publishing timestamp: 2024-03-06 12:51:12
Summary
Foot Locker reported a holiday-quarter loss, weak guidance for the current year, and a delay in meeting financial goals, causing its shares to plunge 30%. The company's profitability target has been pushed back by two years. Despite some positive results, Foot Locker has been struggling with inventory levels, markdowns, and sales declines under the leadership of former Ulta boss Mary Dillon. Dillon has been working on building out online sales channels and revamping the store footprint, but the turnaround has been slower than expected. The company is also working on reducing its reliance on Nike and expanding its partnerships with other sneaker brands.
Sentiment: NEGATIVE
Tickers: ULTA, 9618-HK, DKS, FL, JD, NKE,
Keywords: breaking news: earnings, business, nike inc, earnings, business news, jd.com inc, ulta beauty inc, breaking news: business, retail industry, foot locker inc, dick's sporting goods inc,
Source: https://www.cnbc.com/2024/03/06/foot-locker-fl-earnings-q4-2023.html