Foot Locker, Dick's Shares Slide After Warning From Nike
December 22 2023 - 7:15AM
Dow Jones News
By Will Feuer
Shares of Foot Locker and Dick's Sporting Goods traded lower
after sneaker giant Nike lowered its full-year sales outlook and
launched a three-year plan to cut up to $2 billion in costs.
Nike shares tumbled almost 12% to $108.40 in premarket trading.
The warning also hit retailers Foot Locker and Dick's, both major
wholesale customers of Nike.
Foot Locker stock fell more than 7% to $30 in the premarket
session on Friday. The stock was already down more than 14% this
year through Thursday's market close.
Shares of Dick's, up about 22% this year, fell more than 4% to
$140.50 in premarket trading.
Nike Chief Financial Officer Matt Friend said Thursday evening
that the company is grappling with soft demand outside of key
periods such as back-to-school shopping and Black Friday. He said
its competitors are also getting more promotional, putting price
pressure on the whole sector.
Write to Will Feuer at Will.Feuer@wsj.com
(END) Dow Jones Newswires
December 22, 2023 07:00 ET (12:00 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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