Sneaker makers slide after Foot Locker cuts outlook

Shares of sneaker and athletic apparel makers Nike (NKE) and Under Armour (UAA) are down 3.5% to $97.95 and 1.5% to $7.09, respectively, in pre-market trading after Foot Locker (FL) cut its FY23 adjusted EPS view and revenue outlook. Mary Dillon, Foot Locker president and CEO, said, “Our second quarter was broadly in line with our expectations, despite the still-tough consumer backdrop. However, we did see a softening in trends in July and are adjusting our 2023 outlook to allow us to best compete for price-sensitive consumers, while still leaning into the strategic investments that drive our Lace Up plan.”