Foot Locker stock crashes 30% as company cuts forecast again citing 'price-sensitive consumers'

  • 📰 YahooFinanceCA
  • ⏱ Reading Time:
  • 27 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 63%

Ireland News News

Ireland Ireland Latest News,Ireland Ireland Headlines

A weakening consumer environment continues to weigh on Foot Locker's turnaround strategy as the company expects comparable sales to decline at their highest levels in more than a decade.

) stock crashed early Wednesday, falling as much as 32% in pre-market trade as the company slashed its full-year outlook for the second straight quarter and suspended its quarterly dividend as a "still-tough consumer backdrop" weighs on the footwear retailer.

The retailer now sees sees full-year comparable sales falling in a range of 9%-10%, a steeper drop than its initial forecast for a 7.5%-9% decline.the "tough macroeconomic backdrop" would impact full-year sales during its first quarter earnings call. Foot Locker hasn't seen same-store sales decline more than 6% for the year since 2010.

Through Tuesday's close, Foot Locker shares had lost 38% so far this year. With Wednesday's pre-market decline, losses will be closer to 57% for the year.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 47. in İE

Ireland Ireland Latest News, Ireland Ireland Headlines