Foot Locker Shares Plummet 33% After Sales Decline (2024)

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FAQs

Foot Locker Shares Plummet 33% After Sales Decline? ›

Shares of Foot Locker dropped nearly 33% on Wednesday after the shoe retailer reported another decline in quarterly sales that it partly blamed on “consumer softness” and an increase in “shrink”—joining other major retailers who have linked falling sales this year on declines in consumer demand and increases in ...

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Why are Foot Locker shares falling? ›

In addition, revenue was underwhelming during the quarter, as sales narrowly surpassed Wall Street's expectations. Lastly, the company reported losses of -$0.05 per share (vs. profits of 0.04/share in the same period last year), bucking the run of bottom-line profits recorded in recent quarters.

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Why is Foot Locker declining? ›

Foot Locker had to cut prices significantly to keep inventory moving. This contributed to a declining gross profit margin and much lower earnings. The chain reported a net loss of nearly $400 million in the quarter, compared to net income of $19 million in the prior-year period.

What is the maximum Foot Locker stock is going to be? ›

FL Stock 12 Month Forecast

Based on 15 Wall Street analysts offering 12 month price targets for Foot Locker in the last 3 months. The average price target is $28.92 with a high forecast of $38.00 and a low forecast of $17.00. The average price target represents a 7.35% change from the last price of $26.94.

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Is Foot Locker growing? ›

For the current fiscal year, Foot Locker largely maintained its guidance and continues to expect sales to be in a range of a 1% decline to 1% growth from the prior year – better than the 0.4% decline that analysts had expected, according to LSEG.

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Why is Foot Locker not selling Nike anymore? ›

The breakup announcement was made late last week, according to recent reports, when -- during an earnings call -- Foot Locker CFO Andrew Page said the “change reflects Nike's accelerated strategic shift to direct-to-consumer and Foot Locker's ongoing brand and category diversification efforts.”

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What is the Foot Locker scandal? ›

Summary. As an employee at Foot Locker (the athletic footwear and apparel chain), Kevin Dunbar suffered severe antigay harassment and discrimination at the hands of his coworkers, supervisors and a customer.

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Is Foot Locker going under? ›

Although Foot Locker isn't going out of business, it has decided to eliminate its underperforming stores in select malls, which reportedly make up only 10 percent of its sales. During its March 2023 Investor Day event, Foot Locker Inc.

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Is Foot Locker profitable? ›

Foot Locker's gross margin increased by 50 basis points, including a 40-basis point drag from the non-recurring FLX Rewards Program charge. Quarterly adjusted net loss was $(4) million, compared with $4 million profit in the corresponding prior-year period.

Should I sell Foot Locker stock? ›

Is Foot Locker stock a Buy, Sell or Hold? Foot Locker stock has received a consensus rating of hold. The average rating score is and is based on 31 buy ratings, 43 hold ratings, and 9 sell ratings.

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What is the stock price prediction for Foot Locker in 2025? ›

On average, Wall Street analysts predict that Foot Locker's share price could reach $28.56 by Aug 29, 2025. The average Foot Locker stock price prediction forecasts a potential upside of 14.87% from the current FL share price of $24.86.

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Is Foot Locker a good dividend stock? ›

Does Foot Locker have sufficient earnings to cover their dividend? Yes, FL's past year earnings per share was -$3.88, and their annual dividend per share is $1.60. FL's dividend payout ratio is 47.06% ($1.60/-$3.88) which is sustainable.

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Why is Foot Locker stock so low? ›

Foot Locker's stock is in free fall after the retailer reported a loss for its 2023 fourth quarter and a muddled financial outlook for 2024.

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What is the weakness of Foot Locker? ›

Foot Locker, Inc.

Foot Locker's reliance on key suppliers such as Nike and Adidas constitutes a significant weakness. Approximately 66% of Foot Locker's total merchandise comes from these major brands. Any disruption in supply from these vendors could severely impact inventory levels and sales.

How much debt does Foot Locker have? ›

Foot Locker has a total shareholder equity of $2.9B and total debt of $440.0M, which brings its debt-to-equity ratio to 15.2%. Its total assets and total liabilities are $7.0B and $4.1B respectively. Foot Locker's EBIT is $147.0M making its interest coverage ratio 18.4.

What is the projection for Foot Locker stock? ›

On average, Wall Street analysts predict that Foot Locker's share price could reach $29.25 by Aug 29, 2025. The average Foot Locker stock price prediction forecasts a potential upside of 9.71% from the current FL share price of $26.66.

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Why are footwear shares falling? ›

Footwear stocks have been struggling to gain momentum on Dalal Street despite front-line indices reaching record highs. Many stocks in the sector have experienced sharp declines as investors reacted to disappointing June quarter results, which missed analysts' expectations.