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Why Foot Locker Stock Collapsed on Friday

TheMotleyFool

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Why Foot Locker Stock Collapsed on Friday: https://g.foolcdn.com/editorial/images/733209/falling-stock-price.jpg

Shares of Foot Locker (NYSE: FL) were trading down 25% as of 11 a.m. ET on Friday after the retailer announced disappointing sales performance for the first quarter.

Total sales fell 11.4% year over year, with comparable-store sales down 9.1%. Management lowered its guidance for the year, which sent the stock tumbling.

The company has struggled to deliver consistent revenue and earnings growth, which has contributed to the stock's underperformance in recent years. But this quarter was particularly disappointing, given strong comparable sales performance in the fourth quarter.

Source Fool.com