Shares of Foot Locker Inc (FL.N) plunged 26% on Friday, after the footwear retailer cut its annual sales and profit forecasts reeling under a sharp drop in demand and a hit from heavy discounts aimed at clearing excess inventories.
“We know trends have weakened, but just the magnitude of the guidance cut is what’s disappointing… It’s a surprise how big (Foot Locker) had to cut it just two months after they gave it,” said Telsey Advisory Group analyst Cristina Fernández, adding the path to recovery was now steeper.
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