Foot Locker shares plummet as planned investments weigh on profit outlook – ET Retail
Shares of Foot Locker slumped about 27% on Wednesday after the retailer projected 2024 profit below Wall Street expectations, hurt by a planned ramp-up in investments across its business to boost demand. Despite a solid holiday quarter, Foot Locker said it would achieve its long-term profit margin target two years later, in 2028, dashing hopes…