WMT - The Story Of Sharply Different Retail Fates Continues | Benzinga
A story of sharply divergent quarterly results that began with Target Corporation (NYSE: TGT) and The Home Depot Inc (NYSE: HD) struggling on one side, and Walmart Inc (NYSE: WMT) and The TJX Companies Inc (NYSE: TJX) thriving on the other, continued last week with Foot Locker Inc (NYSE: FL) and Urban Outfitters (NASDAQ: URBN). Last Wednesday, Foot Locker shares plunged 28% as the sneaker retailer slashed its outlook for the second time this year and reported another quarter of falling sales. Even Nike (NYSE: NKE) shares sympathized as they dropped 2.7% on the day although Nike is pursuing its DTC strategy shift, due to which Foot Locker lost one of its biggest revenue drivers. Also last week, Urban Outfitters told an entirely different story with its second quarter earnings that improved YoY. Moreover, the outlooks these two retailers provided are just as different, further showing the sharp polarities of retail fates that occured during the second quarter of 2023.
A Dismal Quarter For Foot Locker
For the quarter that ended on July 29th, the sneaker giant’s sales contracted 9.9% YoY to $1.86 ...