Foot Locker's stock tumbles 35% because Nike wants to go on its own
CNN
Foot Locker's stock tumbled 35% Friday after the shoe store predicted sales and profit would fall sharply this year. The culprit: Nike.
The retailer, which didn't explicitly mention Nike in its earnings report, said Friday that no single supplier is expected to account for more than about 60% of its total purchases for fiscal 2022. Nike accounted for 75% of its sales in 2020 according to Foot Locker's (FL) most recent annual report.
Foot Locker, whose suppliers also include Adidas and Puma, projected that this year's sales at stores open for at least a year would decline by 8% to 10%. Shares are down about 40% for the year.
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