Foot Locker ssues first-quarter profit warning, cuts full-year earnings forecast

Athletic apparel and footwear retailer Foot Locker Inc (NYSE:FL) issued a first-quarter profit warning today and revised down its full-year forecasts as a result.

The NYSE-listed firm expects its first-quarter earnings to be US$1.36 to US$1.39 per share, equal to or just below last year, well below the current consensus forecast for US$1.47.

Foot Locker said first-quarter same-store sales are expected to increase in the low-single-digit percentage range, with the current estimate for a 2.7% rise.

Full-year EPS seen at mid-single digit percentage growth

The company also revised its full-year EPS estimate to mid-single-digit percentage growth, down from  the double-digit growth previously expected.

Richard Johnson, Foot Locker’s chief executive said the year had got off to a slow start due to an income tax refund delay that affected February same-store sales, which only saw low double digit growth.

In pre-market trading, Foot Locker shares were 0.6% lower at US$72.20, albeit having gained 18.5% over the past year

Story by ProactiveInvestors