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Reuters
Foot Locker shares slump as Nike business dents 2022 forecasts
The move comes as sportswear giant Nike, Foot Locker’s biggest supplier, is ramping up its focus on its direct-to-consumer business. Foot Locker, whose top suppliers also include Adidas and Puma, sourced about 75% of all its merchandise from Nike in 2020, according to its 2020 regulatory filing. Nike, which has been battling supply chain issues and production facility closures over the last year, has been increasingly moving toward its direct-to-consumer business, with the channel delivering record Black Friday sales in North America last year.
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