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Foot Locker craters as earnings and same-store sales come up short (FL)

Foot Locker craters as earnings and same-store sales come up short (FL)
AP/Bennett Raglin



Foot Locker shares plunged on Friday after the sneaker retailer missed expectations for both earnings and same-store sales.




The company's shares were down nearly 17%.




Watch Foot Locker trade live.




Foot Locker shares dropped nearly 17% after the sneaker retailer reported earnings and same-store sales that were below expectations. Same-store sales, a crucial metric for investors, increased by nearly 5% but also fell short of investor expectations.
The company reported earnings of $1.53 a share on revenue of $2.1 billion. Wall Street analysts surveyed by Bloomberg were expecting earnings of $1.60 a share on revenue of $2.1 billion.
Foot Locker has struggled amid the "retail apocalypse," as sales continue to shift online. "The disruption that has characterized the retail industry recently is not going away," CEO Richard Johnson said. "Consumers want experiences, they want cool products, and they want it all — fast."
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