Foot Locker cuts back on Nike footwear - leatherbiz: Leading news site Leatherbiz

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Foot Locker cuts back on Nike footwear

23/07/2002
A lack of sales has persuaded Foot Locker, the sports retailer, to reduce its inventory of high-end sports shoes, according to Peter Brown, company spokesman. This could potentially free up shelf space for other brands. Nike, in turn, has been forced to redirect over a million pairs of high-end sneakers toward its outlet stores and other retailers.

Discussing the company's first-quarter earnings, Foot Locker's chief executive officer, Matthew Serra, blamed the poor performance of some high-end shoes for flat sales and a flagging stock price. Since May, Foot Locker, which operates 3,600 stores globally, has cut in half its inventory of sports shoes priced at $120 or more.


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