Earnings

Foot Locker (FL) reports Q4 2021 earnings

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A sign hangs above the entrance of a Foot Locker store on August 02, 2021 in Chicago, Illinois.

Scott Olson | Getty Images

Foot Locker shares tumbled Friday after the retailer said it expects revenue to drop in 2022 as it anticipates it will no longer be able to sell as many products from its top vendor, Nike.

Beginning in the fourth quarter of 2022, Foot Locker said no single vendor will represent more than 55% of its supplier purchases, compared with 65% in the year-ago period. On an annual basis, purchases from Nike won’t exceed 60% of total purchases this year, it said, down from 70% in 2021 and 75% in 2020.

Foot Locker said the adjustments reflect the accelerated shift by Nike to sell…



Source cnbc.com

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