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Foot Locker Steps Backward

The company's latest earnings report highlighted bad news "Shares of Foot Locker Inc plunged 25 percent premarket 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," according to The Business of Fashion. "Foot Locker’s gloomy report dragged shares of sportswear companies on Friday, with Nike Inc and Under Armour Inc dropping 3 percent each."

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