S&P Global acknowledged that Big Foot’s revenue and margins will take a hit from lower Nike sales, but still affirmed its BB+ issuer credit rating and stable outlook. The ratings agency cited healthy consumer demand for other brands and private label, noting that FL will also benefit from the ongoing casualization trend, strength in basketball footwear and increased digital penetration. Even with the share of revenues from Swoosh and Jordan declining to 55% in 2023 from 70% last year, S&P expects Foot Locker to maintain adjusted debt to EBITDA leverage in ... Log in to view full article.