Foot Locker (NYSE: FL) stock is on the discount rack right now. Shares of the footwear retailer are down 33% so far in 2023 while the broader market has rallied by 18%. That slump stands out even among other shoe sellers, such as Crocs, which is up this year, and , down less than 10%.

Yet, there are some good reasons Foot Locker is underperforming the market and industry peers. Let's look at why investors should avoid this stock for now.

Foot Locker's last earnings report showed surprisingly weak sales trends, with revenue at existing stores falling 9%. Nike last announced a 16% increase, meanwhile, and Lululemon Athletica is growing at a 24% clip.

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Source Fool.com