Why Foot Locker Stock Fell 15% This Week
Foot Locker (NYSE: FL) shareholders lost ground to a falling market this week as the stock dropped 15% through Thursday trading compared to a 3.2% slump in the S&P 500, according to data provided by S&P Global Market Intelligence. The drop added to a rough year so far for the footwear retailer, which is down 40% so far in 2022.
It was driven by a poorly received earnings report from Nike, Foot Locker's key retailing partner.
Nike said on Monday that sales trends held up well through late May and that consumer demand remained strong in key markets like the U.S. and Europe. However, the company revealed a large inventory spike that had investors worried about the potential for write-down charges or price cuts ahead.
Source Fool.com
