Shares of Foot Locker Inc plunged as much as 36% on Friday following a bleak full-year forecast that underlined the footwear retailer’s struggles as biggest supplier Nike ramps up selling directly to customers. Nike will account for about 60% of total purchases for 2022, down from 70% in the past year and 75% in 2020. Change reflects Nike’s shift in strategy to direct-to-consumer (DTC) business and efforts to diversify its offerings, the company said. If losses hold, the stock was set for its worst day ever, if the losses hold it was set to its worst-ever day ever. The company said it expects comparable sales to fall 8% to 10% in fiscal 2022, while estimating adjusted profit between $4 . . .
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