Foot Locker Plunges Most in Over 40 Years as Nike Pulls Back
- Athleticwear retailer sees fewer purchases from its top vendor
- Evercore ISI analyst downgrades stock after earnings release
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Foot Locker Inc. logged its worst loss in more than four decades after the retailer gave a disappointing outlook as Nike Inc., its largest supplier, cuts back on business.
The chain said no single vendor is expected to represent more than 60% of total purchases this fiscal year, down from 70% in fiscal 2021 and 75% in the previous year. That contributed to Foot Locker projecting profit and comparable sales well below Wall Street expectations for the current year, which runs through next January.