Why Foot Locker Stock Slumped This Week
Foot Locker (NYSE: FL) investors were seeing red this week. Their stock was trading down by 29% through early Friday trading compared to a 1% rally in the wider market, according to data provided by S&P Global Market Intelligence. That slump added to a difficult period for shareholders in the footwear retailer. Its stock has fallen 43% in the past year, even as the S&P 500 has gained 30%.
This week's decline came as Wall Street learned that Foot Locker's growth rebound will take longer than management initially expected.
Sales results were mixed in the company's fiscal 2023 fourth quarter, which captures the key holiday shopping season. For the period, which ended Feb. 3, revenue rose slightly and comparable-store sales improved to a 1% decline from the prior quarter's 8% drop. These results surpassed the short-term outlook that management had issued in late November.
Source Fool.com
