Why Foot Locker Stock Crashed Today
Shares of Foot Locker (NYSE: FL) plunged 30% on Friday after the athletic apparel and footwear retailer warned of a sales decline in the coming year.
Foot Locker's sales rose 6.9% year over year to $2.3 billion in its fiscal 2021 fourth quarter, which ended on Jan. 29. The company's recent purchases of retailers WSS and atmos contributed to the gains.
"We made significant progress diversifying our brands, categories, and channels in 2021, as well as expanding our customer base across demographics and high-growth geographies," CEO Richard Johnson said in a press release.
Source Fool.com