Foot Locker Updates 2023 Gross Margin Guidance From 28.6%-28.8% To 27.8%-28.0%, Citing More Aggressive Markdowns
Portfolio Pulse from Benzinga Newsdesk
Foot Locker has revised its 2023 gross margin guidance downwards from 28.6%-28.8% to 27.8%-28.0%, due to more aggressive markdowns.
August 23, 2023 | 10:47 am
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Foot Locker's downward revision of its 2023 gross margin guidance could negatively impact its stock price in the short term.
Foot Locker's decision to lower its 2023 gross margin guidance indicates that the company expects lower profitability. This could be due to increased costs or lower pricing power, both of which are negative signals for investors. Therefore, this news is likely to put downward pressure on the stock price in the short term.
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