Foot Locker Stock Plunges On Weak Q1 Earnings: Here's Why
Portfolio Pulse from Shivani Kumaresan
Foot Locker reported weak Q1 earnings with an 11.4% YoY sales decline to $1.93 billion, missing analyst estimates. Adjusted EPS of $0.70 also missed the consensus of $0.81. The company cut its FY23 guidance and announced a quarterly cash dividend of $0.40 per share.
May 19, 2023 | 11:20 am
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Foot Locker's weak Q1 earnings and lowered FY23 guidance may negatively impact its stock price in the short term.
Foot Locker's Q1 earnings report showed a significant decline in sales and missed analyst estimates. The company also lowered its FY23 guidance, which may cause investors to lose confidence in the stock's performance, leading to a short-term negative impact on its stock price.
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