May 19, 2017

Foot Locker shares plunge after weak sales

Investors dumped Foot Locker like a stinky pair of trainers after the firm reported slow quarterly sales. The New York athletic-wear chain said sales in the February-to-April period rose 0.5% from 2016 at stores open at least a year. Total Foot Locker sales topped $2bn, up 0.7% year-on-year, thanks to some new stores. Sales increased as the period progressed, he added, repeating observations made by other retailers. Foot Locker, which has a global footprint of more than 3,350 stores and brands such as Champs Sports and Runners Point, said total profits were $180m in the quarter, down more than 5%. Deutsche Bank analyst said Paul Trussell said industry analysts did not have confidence that Foot Locker could deliver on its promised sales growth in the rest of the year.

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