Why Foot Locker Stock Is Crashing Today
Shares of Foot Locker (NYSE: FL) are getting hammered in Wednesday's trading. The footwear and apparel retailer's share price was down 32.3% as of 10:15 a.m. ET today, according to data from S&P Global Market Intelligence.
Foot Locker published its second-quarter results before the market opened this morning, showing sales and earnings that fell short of the market's expectations. While the average analyst estimate had called for the company to deliver adjusted earnings per share of $0.05 on revenue of $1.88 billion, the business actually posted adjusted earnings of $0.04 on sales of $1.86 billion in the period.
Foot Locker's revenue fell 9.9% year over year in the second quarter, and total same-store sales were down 9.4% compared to the prior-year period. The retailer said that it continued to face a challenging economy and that price sensitivity among customers was still creating headwinds.
Source Fool.com
