Foot Locker Analysts Cut Their Forecasts After Weak Sales
Portfolio Pulse from Lisa Levin
Foot Locker Inc (NYSE:FL) reported weaker-than-expected Q2 FY23 sales, leading to a decline of 9.9% YoY to $1.86 billion. The company also lowered its FY23 sales guidance and EPS outlook. Despite this, Foot Locker shares gained 6.3% to trade at $17.69. Analysts from Telsey Advisory Group, Barclays, and Citigroup have lowered their price targets on Foot Locker following the earnings announcement.
August 24, 2023 | 1:47 pm
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NEGATIVE IMPACT
Foot Locker reported weaker Q2 sales and lowered its FY23 guidance. Despite this, its shares gained 6.3%. Analysts have lowered their price targets on the company.
Foot Locker's weaker-than-expected Q2 sales and lowered FY23 guidance are negative indicators for the company's performance. However, the stock gained 6.3%, which could be due to other market factors. The lowered price targets by analysts further indicate a negative outlook for the company.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100