Foot Locker Falls as It Points out to Supply Chain Issues By Investing.com
By Dhirendra Tripathi
Investing.com – Foot Locker stock (NYSE:) stock slipped 6% in Friday’s premarket trading as the company handed out a less-than-confident outlook heading into the busiest time of the year for retailers.
“We expect global supply chain constraints to persist throughout the fourth quarter,” the company said, although it insisted that it has “positive momentum and inventory levels ready to meet customer demand.”
The company had 9% more inventory as of October 30.
Total sales rose 4% to $2.18 billion. Comparable sales were up only 2.2%. Adjusted profit per share came in at $1.93 compared to $1.21 in the same period last year.
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