Foot Locker’s stock dives as price cuts hurt margins, profit outlook misses

by user


Shares of Foot Locker Inc. took a tumble Wednesday, after the athletic shoe apparel retailer provided a full-year profit outlook that was below expectations, and pushed back the timing of reaching its target for adjusted margins by two years.

The downbeat outlook, which followed increased markdowns to reduce inventory at the end of the year, offset better-than-expected fourth-quarter results.


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