Consumer
Foot Locker Plummets as CEO Delays Growth Plan by Two Years
- Shoe chain now aims to reach $9.5 billion in sales by 2028
- Retailer unveiled plan a year ago to revive revenue gains
A Foot Locker store in Arlington, Virginia, US.
Photographer: Nathan Howard/BloombergThis article is for subscribers only.
Foot Locker Inc. pushed back a plan to expand its sales to $9.5 billion by two years after a sluggish 2023.
The projection, unveiled a year ago, is expected to be achieved by 2028, the company said. The strategy involves diversifying brand offerings, opening new store formats and bolstering loyalty programs. The retailer posted about $8.2 billion in annual sales in the fiscal year ended Feb. 3, down nearly 7% from the prior period.