Foot Locker tumbles, drags down peers, on forecast cut

Hibbett

23/08/2023 12:17

** Shares of Foot Locker Inc  FL.N  down ~28% at $16.75
before the bell, weighing on other sports-related stocks
    ** Company cuts FY sales and profit forecast, hit by a drop
in demand as inflation-weary customers curb spending
    ** CEO Mary Dillon says trends softened in July and the
outlook cut is to "best compete for price-sensitive consumers"
    ** FL's Q2 gross margin declined by 460 bps on higher
promotional activity and higher shrink
    ** Under Armour  UAA.N   down 2.3% and Nike  NKE.N  down 3%
premarket; Puma  PUMG.DE  down 5%, Adidas  ADSGn.DE  down 4%
    ** Athletic goods retailers fall: Hibbett Inc  HIBB.O  down
2.4% and Dick's Sporting Goods Inc  DKS.N  falls 1.9%

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