It is not an error but a warning, not all warnings that -Wall
produces are sensible.
Here the compiler is "kind-of" right: before evaluation your argument is an array and not a pointer, and taking the address of a temporary object is a bit dangerous. I managed to get rid of the warning by using the pointer explicitly
printf("%s\n", &foo().s[0]);
Also you should notice that you are using a rare animal, namely an object of temporary lifetime, the return value or your function. Only since C99, there is a special rule that allows to take the address of such a beast, but this is a corner case of the C language, and you would probably be better off by using some simpler construct. The lifetime of the pointer ends with the end of the expression. So if you would try to assign the pointer to a variable, say, and use it later on in another expression, you would have undefined behavior.
Edit(s): As remarked by mafso in a comment, with C versions from before C99, it was not allowed to take the address of the return value of the function. As Pascal Cuoq notes, the behavior of your code is undefined even for C99, because between the evaluation of the arguments and the actual call of the function there is a sequence point. C11 rectified this by indroducing the object of temporary lifetime that I mentioned above.