Foot Locker May Cut Nike Orders Further
Foot Locker Inc. said it may reduce its orders from Nike Inc. next year by as much as $400 million, more than the company’s previous forecast of a decline of as much as $250 million.
The new estimate of $300 million to $400 million was reached after “recent discussions” with Nike, the retailer said in a filing with the Securities and Exchange Commission.
Foot Locker rose 27 cents to $12.52 and Nike climbed $1.70 to $44.23, both on the New York Stock Exchange. The news came after the close of trading.
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