Foot Locker Inc. on Monday said it had "revitalized" its decades-long relationship with Nike Inc.
Athletic-gear retail chain Foot Locker Inc. on Monday said it had “revitalized” its decades-long relationship with Nike Inc. to focus on basketball and sneaker culture and cultivating the “next generation of sneaker enthusiast” — moves that executives said could start to pay off later this year.
The remarks were made at an investor presentation after Foot Locker FL reported a weaker outlook, as retailers deal with more muted demand for goods amid recession worries and rising prices for necessities that have have slowed consumer spending. Foot Locker said it expected Nike to make up 55% to 60% of the chain’s revenue in 2026. That would be lower than around 70% of sales in prior years.
“We are partnering across planning and loyalty to develop an integrated marketplace,” she added later. “The revitalized alignment has positioned Nike and Foot Locker to return to growth in 2024.”
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