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FOOT LOCKER EXPECTED TO REPORT 8-10% SLIP IN SEPTEMBER SALES
Published October 7, 1997
Foot Locker "is stumbling," according to Richard Wilner of the N.Y. POST. The 3,000-store chain is expected to report that same-store sales in the "key" September selling period slipped 8-10% from last year. The drop follows an 11.2% same-store sales decline in August and "marks the seventh straight weak month for Foot Locker amid an overall soft sneaker business." The expected September sales decline was revealed in a research report by Gruntal & Co. analyst Michael Conn, who cut his recommendation yesterday to a "hold" from "strong buy." Foot Locker parent Woolworth would not comment on the report but is expected to report September sales on Thursday (N.Y. POST, 10/7).