Foot Locker plummets, drags down retailers such as VFC, Ulta

Hibbett

19/05/2023 19:27

(Updates prices throughout)
** Shares of specialty athletic retailer Foot Locker Inc  FL.N 
were down 26.2% after hitting six-month low of $29.89
    ** FL set for biggest one-day percentage drop since February
2022 after it trims FY sales, profit forecast and misses Q1
estimates, hurt by demand slowdown, aggressive markdowns on
inventory
    ** The results sent shivers through rival stocks, with Vans
sneaker maker VF Corp  VFC.N  down 9.4%, hitting its lowest
level since November 2010. 
        ** VFC, 
    due to report results Tuesday
    , was the biggest percentage decliner in the S&P 500
consumer discretionary index  .SPLRCD , which was off 
    1.0
    % 
  
        ** Second-biggest discretionary index loser was Ulta
Beauty  ULTA.O , down 
    4.6
    %. Oppenheimer 
    cut PT
     of the cosmetics retailer, which reports Thursday   
  
    ** Shares of Nike Inc  NKE.N  was down 3.9%, while Under
Armour Inc  UAA.N  was down 4.5% and Dick's Sporting Goods Inc
 DKS.N  was off 6.0% 
    ** Among department store chains, Macy's Inc  M.N  was down
5.8%, Nordstrom Inc  JWN.N  was down 4.1% and Kohl's  KSS.N  was
down 7.6%  
    ** Athletic apparel retailer Hibbett Inc  HIBB.O  was down
5.6% 
    ** S&P Composite 1500 Consumer Discretionary Distribution &
Retail index  .SPCOMMS  fell 1.7%

 (Reporting by Granth Vanaik in Bengaluru, Sinéad Carew in New
York)
 ((sinead.carew@thomsonreuters.com))