Why Foot Locker Inc. Stock Plummeted 26% Today
Shares of Foot Locker Inc. (NYSE: FL) were down 26.3% as of 2:30 p.m. EDT Friday after the footwear retailer announced disappointing second-quarter 2017 results. More specifically, for its fiscal second quarter ended July 29, 2017, Foot Locker's revenue declined 4.4% year over year, to $1.7 billion, including a 6% decline in comparable-store sales.
On the bottom line, that translated to GAAP net income of $51 million, or $0.39 per share, down from $127 million, or $0.94 per share in the same year-ago period. On an adjusted (non-GAAP) basis -- which excludes a $50 million litigation charge related to a lawsuit against the company regarding the conversion of its pension plan in 1996 -- earnings were $81 million, or $0.62 per share.
Even so, analysts' consensus estimates called for adjusted earnings of $0.90 per share on higher revenue of $1.8 billion.
Source: Fool.com
