DBS Expects Slight Dip in 2026 Net Profit After Q4 Earnings Miss on Lower Interest Margins 
Trump Signs Executive Order Threatening 25% Tariffs on Countries Trading With Iran 
Australian Household Spending Dips in December as RBA Tightens Policy 
Japanese Pharmaceutical Stocks Slide as TrumpRx.gov Launch Sparks Market Concerns 
Russian Stocks End Mixed as MOEX Index Closes Flat Amid Commodity Strength 
Missouri Judge Dismisses Lawsuit Challenging Starbucks’ Diversity and Inclusion Policies 
Samsung Electronics Shares Jump on HBM4 Mass Production Report 
Baidu Approves $5 Billion Share Buyback and Plans First-Ever Dividend in 2026 
OpenAI Expands Enterprise AI Strategy With Major Hiring Push Ahead of New Business Offering 
Gold and Silver Prices Climb in Asian Trade as Markets Eye Key U.S. Economic Data 
Bank of Japan Signals Readiness for Near-Term Rate Hike as Inflation Nears Target 
Prudential Financial Reports Higher Q4 Profit on Strong Underwriting and Investment Gains 
Alphabet’s Massive AI Spending Surge Signals Confidence in Google’s Growth Engine 
FDA Targets Hims & Hers Over $49 Weight-Loss Pill, Raising Legal and Safety Concerns 
Indian Refiners Scale Back Russian Oil Imports as U.S.-India Trade Deal Advances 
CK Hutchison Launches Arbitration After Panama Court Revokes Canal Port Licences 
RBI Holds Repo Rate at 5.25% as India’s Growth Outlook Strengthens After U.S. Trade Deal 
Foot Locker shares tumbled almost 30 percent after saying it expects revenue to drop in 2022 due to lesser products it could sell from its top vendor, Nike.
Beginning in the fourth quarter of 2022, Foot Locker said no single vendor will represent over 55 percent of its supplier purchases, compared with 65 percent in the year-ago period.
Purchases from Nike won’t exceed 60 percent of the total this year, down from 70 percent in 2021 and 75 percent in 2020.
The adjustments reflect the shift by Nike to sell more of its sneakers and apparel directly to consumers, according to Foot Locker.
In turn, Foot Locker is increasing its direct-to-consumer efforts, with plans to launch several private-label apparel brands.
Nike and Under Armour have both stated their intentions to reduce dependence on wholesale partners. These companies hope to achieve higher profits by selling through their physical stores and websites. As a result, wholesalers like Foot Locker and Dick's Sporting Goods have had to develop more of their lines to compete.
Foot Locker will also be leaning into existing relationships with brands such as New Balance, Puma, and Crocs.
On Friday, Foot Locker stock hit a 52-week low of $26.36, closing at $29.07. The company's share price has decreased by about 33% thus far in 2017.
For the three months ended January 29, Foot Locker's net income fell to $102 million, or $1.02 per share, from $123 million, or $1.17 a share, a year earlier. It earned $1.67 per share excluding one-time costs, compared with analysts' expectations for $1.
Sales increased 6.9% to $2.34 billion from $2.19 billion the previous year, slightly outpacing expectations of $2.33 billion.
According to the retailer, same-store sales improved 0.8 percent, with apparel revenue significantly outpacing footwear.
Investors were also disturbed by Foot Locker's bleaker view for 2022. The footwear store predicted Friday that sales would drop by 4% to 6% this year, with same-store sales projected to decrease by 8% to 10%.
Analysts had been looking for year-over-year revenue growth of 2%, according to Refinitiv.
Foot Locker said it will be lapping a time when consumers had additional stimulus dollars to spend.
The retailer said it will implement a cost-saving plan that will begin immediately to save $200 million each year. Foot Locker's board also gave its blessing to a new $1.2 billion share repurchase program.
