Foot Locker, Dick's Shares Slide After Warning From Nike
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.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks