Foot Locker's stock experienced a significant drop following the release of its quarterly results on March 6 and the announcement of its full-year profit outlook. Despite beating quarterly earnings expectations with an adjusted earnings per share of 38 cents versus the expected 32 cents and reporting revenue of $2.38 billion against forecasts of $2.28 billion, the company's shares plummeted. The decline was attributed to several factors, including heavy promotions leading to holiday-quarter losses, a delay in meeting long-term financial targets, and a projection of 2024 profit below Wall Street expectations due to planned investments. The company's stock fell more than 20%, with a notable 28.27% drop reported. Additionally, Foot Locker announced it would not resume dividends at this time and highlighted a full-year earnings per share (EPS) outlook of $1.50-$1.70, below the estimated $1.91. The retailer's comparable sales also trended lower in Q4, with a -0.7% change. Before the announcement, Foot Locker's March weekly call option implied volatility stood at 235, with March at 140, compared to its 52-week range of 35 to 86.