FL - Foot Locker: Compelled To Downgrade To Hold With Little Visibility Into FY24
2024-03-26 03:53:15 ET
Summary
- 4Q23 results were disappointing, with decline in gross margin and pre-tax profits.
- Same-store-sales-growth declined in 4Q23 and is expected to continue to decline in 1FQ24, indicating weak underlying demand.
- FY24 guidance failed to deliver positive sentiment, and near-term profitability is expected to be volatile.