By Will Feuer


Shares of Foot Locker and Dick's Sporting Goods traded lower after sneaker giant Nike lowered its full-year sales outlook and launched a three-year plan to cut up to $2 billion in costs.

Nike shares tumbled almost 12% to $108.40 in premarket trading. The warning also hit retailers Foot Locker and Dick's, both major wholesale customers of Nike.

Foot Locker stock fell more than 7% to $30 in the premarket session on Friday. The stock was already down more than 14% this year through Thursday's market close.

Shares of Dick's, up about 22% this year, fell more than 4% to $140.50 in premarket trading.

Nike Chief Financial Officer Matt Friend said Thursday evening that the company is grappling with soft demand outside of key periods such as back-to-school shopping and Black Friday. He said its competitors are also getting more promotional, putting price pressure on the whole sector.


Write to Will Feuer at


(END) Dow Jones Newswires

December 22, 2023 07:00 ET (12:00 GMT)

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