Foot Locker’s Investor Day Review
<p>Deutsche Bank lowered its price target on <a href='https://financialmodelingprep.com/financial-summary/FL'>Foot Locker, Inc. (NYSE:FL)</a> to $36 from $42 after attending the company’s Investor Day, where new CEO Mary Dillon revealed the company’s “Lace Up” plan and provided financial targets through 2026. </p>
<p>The plan consists of four key pillars: (1) expanding sneaker culture, (2) powering up the company’s portfolio, (3) deepening the company’s relationship with customers, and (4) offering a best-in-class omnichannel experience. </p>
<p>As expected, fiscal 2023 is planned to be a transition year as the company resets its Nike penetration, repositions Champs Sports, optimizes its store fleet, absorbs exit costs, and drives cost savings. </p>
<p>In addition, the company will be increasing investments in its loyalty program, global brand platforms, and technology, which have been lagging industry peers. Ultimately, these efforts are anticipated to lead to sustainable growth in the years 2024- 2026 (sales growth targeted up 5-6% annually) with further opportunities beyond for improvement.</p>

NYSE:FL