Foot Locker Lowers 2023 Gross Margin Guidance From 30.8-31% To 28.6-28.8%, Citing 'More aggressive markdowns and higher shrink'
Portfolio Pulse from Benzinga Newsdesk
Foot Locker has lowered its 2023 gross margin guidance from 30.8-31% to 28.6-28.8%, citing more aggressive markdowns and higher shrink.
May 19, 2023 | 10:48 am
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NEGATIVE IMPACT
Foot Locker's lowered 2023 gross margin guidance may negatively impact its stock price in the short term.
Foot Locker's lowered gross margin guidance for 2023 indicates that the company expects lower profitability due to more aggressive markdowns and higher shrink. This may lead to reduced investor confidence and a negative impact on the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100