Foot Locker down after lowering annual sales, profit forecasts

Foot Locker

04/12/2024 12:51

** Shares of sporting good retailer Foot Locker  FL.N  down
15% at $20.56 premarket
    ** Company lowers annual sales and profit forecasts on
softening demand for footwear 
    ** FL now expects annual sales to drop between 1% and 1.5%,
compared with its prior forecast of a 1% rise to 1% fall 
    ** Sees fiscal 2024 adjusted EPS between $1.20 and $1.30,
down from $1.50 to $1.70
    ** "Our third quarter top- and bottom-line performance fell
short of our expectations," CEO Mary Dillon says
    ** "Consumer spending trends softened following the peak
Back-to-School period in August, and the promotional environment
was more elevated than anticipated" - Dillon
    ** Up to Tuesday's close, stock had fallen ~22.4% so far
this year

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; X: https://twitter.com/AnanyaMariam))