Foot Locker sinks after warning of holiday-quarter supply woes

Big 5 Sporting Goods

19/11/2021 16:34

(Updates)
    ** Foot Locker shares  FL.N  fall 12.9% to $50.11 - set for
worst day in over 20 months
    ** Retailer expects global supply chain constraints to
persist throughout Q4 and into early next year due to shipping
bottlenecks and manufacturing delays in Vietnam  urn:newsml:reuters.com:*:nPnbDXt2Da    
 
    ** Peers Hibbett Inc  HIBB.O , Shoe Carnival  SCVL.O  and
Big Five Sporting Goods  BGFV.O  also down between 3% and 10%
    ** FL down 4% since Nike  NKE.N  said in September that
production challenges will constrain holiday supplies
 urn:newsml:reuters.com:*:nL4N2QQ2YF; FL purchased 75% of all its products from NKE last
fiscal year
    ** However, FL reports Q3 sales of $2.19 bln, above est of
$2.14 bln, according to Refinitiv IBES data 
    ** FL up 23.3% this year vs a ~47% gain for the S&P 1500
Specialty Retail index  .SPCOMSPR   

 (Reporting by Ananya Mariam Rajesh and Uday Sampath in
Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com))