Benzinga | Nov 19, 2021 09:48AM EST

Why Foot Locker Shares Are Falling Today

Foot Locker Inc (NYSE:FL) is trading lower Friday after the company announced its third-quarter financial results and warned of persisting global supply chain constraints.

Foot Locker reported quarterly adjusted earnings of $1.93 per share, which beat the estimate of $1.37 per share. The company reported quarterly revenue of $2.19 billion, which beat the estimate of $2.12 billion.

"We expect global supply chain constraints to persist throughout the fourth quarter; that said, we believe we are positioned for the holiday season, with positive momentum and inventory levels ready to meet customer demand," said Andrew Page, executive vice president and CFO of Foot Locker.

Related Link: Recap: Foot Locker Q3 Earnings

FL Price Action: Foot Locker has traded as high as $66.71 and as low as $36.94 over a 52-week period.

The stock was down 6.53% at $53.80 at time of publication.

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