Shares of Foot Locker plunged more than 30% in Wednesday's trading.
FL .SPX YTD mountain Foot Locker vs. S & P 500 year to date Bottom line As noted during Monday's Homestretch , we thought this would be a horrible quarter from Foot Locker.
As a result, inventory remains way too high at Foot Locker, and in a worst-case scenario --management may need to tap into its credit lines.
Overall same-store sales, while in line, were dragged down by Champs Sports in North America, which saw a 25.3% decline.
A sign hangs above the entrance of a Foot Locker store on August 02, 2021 in Chicago, Illinois.
Persons:
Locker, Monday's Homestretch, Mary Dillon, Dillon, Foot, Jim Cramer, we've, Locker's, Jim Cramer's, Jim, Scott Olson
Organizations:
Management, Champs Sports, Nike, Administrative, EMEA, CNBC, Getty, & $
Locations:
North America, Middle East, Africa, Asia, Chicago , Illinois