Foot Locker Shares Plunge Following Quarterly Sales Report

Investors "dumped Foot Locker like a stinky pair of trainers after the firm reported slow quarterly sales," according to the BBC. The N.Y.-based athletic-wear chain said that "sales in the February-to-April period rose 0.5%" from '16 at stores open at least a year. The news "sent shares of the company down 15% in trade on Friday morning." Foot Locker, which has a global footprint of more than 3,350 stores and brands such as Champs Sports and Runners Point, said that total profits were $180M in the quarter, "down more than 5%." Deutsche Bank analyst Paul Trussell said that industry analysts "did not have confidence that Foot Locker could deliver on its promised sales growth in the rest of the year." Trussell: "I don't sense a comfort level with that view" (BBC, 5/19).