Shares of footwear, apparel and sporting goods companies including Foot Locker Inc FL are trading lower in sympathy with Nike Inc 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.
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.
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