Foot Locker’s financial troubles are much worse than feared, leading us to reevaluate the stock

A sign hangs above the entrance of a Foot Locker store on August 02, 2021 in Chicago, Illinois.

Scott Olson | Getty Images

Foot Locker (FL) reported awful fiscal 2023 second-quarter results and guidance before the opening bell Wednesday, prompting a major change in the way we look at this stock.