Foot Locker Shares See Sharp Drop After Missing Expectations
Foot Locker shares on Friday "plummeted" after the company's quarterly results "missed expectations by a wide margin." The retailer posted revenue of $1.701B for Q2 and analysts "polled by Thomson Reuters expected the company to report" $1.8B (CNBC.com, 8/18). Foot Locker also "forecast continued sales declines over the rest" of '17. President & CEO Dick Johnson cited "sluggish demand for top brands," Jordan Brand and Adidas' Stan Smith collection. Foot Locker's same-store sales -- a "key benchmark -- fell for the first time" since '10 (BLOOMBERG NEWS, 8/18). At presstime, shares of Foot Locker were trading at $35.11, down 26.4% from the close of business on Thursday (THE DAILY).