{"id":1043251,"date":"2022-03-02T13:05:15","date_gmt":"2022-03-02T19:05:15","guid":{"rendered":"https:\/\/www.snkrsday.com\/?p=1043251"},"modified":"2022-03-03T07:08:28","modified_gmt":"2022-03-03T13:08:28","slug":"nike-plans-to-reduce-their-inventory-offered-at-foot-locker","status":"publish","type":"post","link":"https:\/\/www.snkrsday.com\/nike-plans-to-reduce-their-inventory-offered-at-foot-locker\/","title":{"rendered":"Nike Plans To Reduce Their Inventory Offered at Foot Locker"},"content":{"rendered":"\n

Nike<\/a> takes a step back from Foot Locker<\/a> as the global sportswear brand has plans to pull some of its inventory from the retailer. According to Yahoo Finance<\/a>, Foot Locker has already taken a massive hit as Nike gears up to make an accelerated shift in their business strategy.<\/p>\n\n\n\n

Foot Locker confirmed on Friday, February 25th, that they would be condensing their Nike catalog throughout 2022. This announcement instantly caused Foot Locker\u2019s stock to crash, falling nearly 35%, which is about $950 million in market value.<\/p>\n\n\n\n

Foot Locker CFO, Andrew Page, addressed the market report on an earnings call saying, “This change reflects Nike’s accelerated strategic shift to direct-to-consumer, and Foot Locker’s ongoing brand and category diversification efforts.”<\/p>\n\n\n\n

Furthermore, CEO Richard Johnson adds to Page\u2019s statement saying, “There was a concentration into some very specific styles that Nike certainly drives through their direct-to-consumer [business] and that’s where the allocation pressure will be. We still have access to all of those products, we’ll just see different quantities flowing our way.”<\/p>\n\n\n\n

The initial news break stirred up a big miscommunication as multiple media outlets reported that Nike would be removing all<\/em> of its inventory from Foot Locker \u2013 this is not true. Nike and Foot Locker will simply be refining their offerings, in a business strategy that works best for both companies.<\/p>\n\n\n\n

“We continue to be a strong strategic partner of Nike’s and we are working on building complementary strategies to their direct-to-consumer growth,\u201d said Johnson. \u201cThey are supportive of us in specifically basketball, kids, and sneaker culture continues to be elevated. So again, I feel great about the relationship. We have ongoing dialogues with [Nike] as we plan our business. And this has been something in process for a while.\u201d<\/p>\n\n\n\n

Foot Locker says that no single vendor will make up more than 55% of its supplier purchases beginning in Q4 of 2022, which is down from 65% a year ago. Additionally, Foot Locker\u2019s Nike purchases won\u2019t exceed 60% of its annual business, which is down from 70% last year and 75% in 2020. These numbers show that Foot Locker is planning to diversify the supplier brands that they offer, which was confirmed as they coordinate more inventory from adidas<\/a>, Puma<\/a>, New Balance<\/a>, and Crocs<\/a>.<\/p>\n\n\n\n

This business strategy also falls in-line will the new partnership between Reebok and Foot Locker<\/a>, which was announced at the beginning of February, just before the Nike news broke. In 2021, Reebok<\/a> was acquired by Authentic Brand Group for $2.5 billion<\/a>. Since then, Reebok has made changes to their business strategy and has made Foot Locker their official retail partner for exclusive Reebok drops.<\/p>\n\n\n\n

It seems that Foot Locker has as steady plan laid out in front of them as they move forward, but Foot Locker sales are still expected to decline a bit in 2022, between 8% and 10%. Previously, analysts had predicted for Foot Locker to see a slight sales increase, with estimated earnings at $6.56 a share. Instead, this business shift has stock prices ranging from $4.25 to $4.60 a share. Yet all is not lost for Foot Locker as they plan to focus on their own direct-to-consumer model and even launch several private label clothing brands.<\/p>\n\n\n\n

For more sneaker news and updates, follow @NiceKicks<\/a> on Twitter.<\/p>\n","protected":false},"excerpt":{"rendered":"

Nike takes a step back from Foot Locker as the global sportswear brand has plans to pull some of its…<\/p>\n","protected":false},"author":328355,"featured_media":937416,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[2,1224791],"tags":[260521,1225736],"cultivate_rss":[],"class_list":{"2":"type-post"},"acf":[],"yoast_head":"\nNike Plans To Reduce Their Inventory Offered at Foot Locker | Snkrs Day<\/title>\n<meta name=\"description\" content=\"Nike takes a step back from Foot Locker as the global sportswear brand has plans to pull some of its inventory from the retailer.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.snkrsday.com\/nike-plans-to-reduce-their-inventory-offered-at-foot-locker\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nike Plans To Reduce Their Inventory Offered at Foot Locker\" \/>\n<meta property=\"og:description\" content=\"Nike takes a step back from Foot Locker as the global sportswear brand has plans to pull some of its inventory from the retailer.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.snkrsday.com\/nike-plans-to-reduce-their-inventory-offered-at-foot-locker\/\" \/>\n<meta property=\"og:site_name\" content=\"Snkrs Day\" \/>\n<meta property=\"article:publisher\" content=\"http:\/\/www.facebook.com\/NiceKicks\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-02T19:05:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-03T13:08:28+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.snkrsday.com\/files\/2020\/07\/lead-Foot-Locker-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"533\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Cheyenne Falcon\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@snkrsday\" \/>\n<meta name=\"twitter:site\" content=\"@snkrsday\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Cheyenne Falcon\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":[\"WebPage\",\"ItemPage\"],\"@id\":\"https:\/\/www.snkrsday.com\/nike-plans-to-reduce-their-inventory-offered-at-foot-locker\/\",\"url\":\"https:\/\/www.snkrsday.com\/nike-plans-to-reduce-their-inventory-offered-at-foot-locker\/\",\"name\":\"Nike Plans To Reduce Their Inventory Offered at Foot Locker | Snkrs Day\",\"isPartOf\":{\"@id\":\"https:\/\/www.snkrsday.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.snkrsday.com\/nike-plans-to-reduce-their-inventory-offered-at-foot-locker\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.snkrsday.com\/nike-plans-to-reduce-their-inventory-offered-at-foot-locker\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.snkrsday.com\/files\/2020\/07\/lead-Foot-Locker-1.jpg\",\"datePublished\":\"2022-03-02T19:05:15+00:00\",\"dateModified\":\"2022-03-03T13:08:28+00:00\",\"description\":\"Nike takes a step back from Foot Locker as the global sportswear brand has plans to pull some of its inventory from the retailer.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.snkrsday.com\/nike-plans-to-reduce-their-inventory-offered-at-foot-locker\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.snkrsday.com\/nike-plans-to-reduce-their-inventory-offered-at-foot-locker\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.snkrsday.com\/nike-plans-to-reduce-their-inventory-offered-at-foot-locker\/#primaryimage\",\"url\":\"https:\/\/www.snkrsday.com\/files\/2020\/07\/lead-Foot-Locker-1.jpg\",\"contentUrl\":\"https:\/\/www.snkrsday.com\/files\/2020\/07\/lead-Foot-Locker-1.jpg\",\"width\":1000,\"height\":533},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.snkrsday.com\/nike-plans-to-reduce-their-inventory-offered-at-foot-locker\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"News\",\"item\":\"https:\/\/www.snkrsday.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Nike\",\"item\":\"https:\/\/www.snkrsday.com\/nike\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Nike Plans To Reduce Their Inventory Offered at Foot Locker\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.snkrsday.com\/#website\",\"url\":\"https:\/\/www.snkrsday.com\/\",\"name\":\"Snkrs Day\",\"description\":\"Sneakers News. 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