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Foot Locker limps lower as first quarter numbers disappoint Wall Street

Friday, May 19, 2017 10:41
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Shares in Foot Locker Inc (NYSE:FL) trod much lower in early deals as the sneaker and sportswear firm posted market disappointing first quarter results.

Earnings per share for the three months of $1.36, were below Wall Street’s expectations for $1.38.

It was the latest in a stream of recent big earnings disappointments.

Revenue for the period came in at $2 billion, also short of the $2.02 billion that analysts were anticipating as the group said the strong dollar had blighted its sales performance.

Richard Johnson, chief executive, conceded the quarter had missed the firm’s expectations, though added it was still one of the most profitable ever.

“The slow start we experienced in February, which we believe was largely due to the delay in income tax refunds, was unfortunately not fully offset by much stronger sales in March and April.

” Nonetheless, we believe our banners remain at the center of a vibrant sneaker culture. 

“We are confident that our customers have not lost their tremendous appetite for athletic footwear and apparel and that our position in the industry is stronger than ever.”

Shares sank 15.56% to $59.57 in New York.

Story by ProactiveInvestors


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