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Shares of footwear, apparel and sporting goods companies including Foot Locker Inc (NYSE:FL) are trading lower in sympathy with Nike Inc (NYSE:NKE), which reported worse-than-expected first-quarter fiscal 2022 financial results and cut its outlook amid supply chain issues.
Nike reported quarterly earnings of $1.16 per share, which beat the estimate of $1.11 per share. The company reported quarterly revenue of $12.2 billion, which came in below the estimate of $12.46 billion.
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Multiple analyst firms also lowered price targets on Nike following its financial results.
Foot Locker operates thousands of retail stores throughout the United States, Canada, Europe, Australia and New Zealand. The company mainly sells athletically inspired shoes and apparel
FL Price Action: Foot Locker has traded as high as $66.71 and as low as $31.41 over a 52-week period.
The stock was down 5.70% at $48.99 at time of publication.
Photo: Mike Mozart from Flickr.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.