Foot Locker (FL) Guides Q2 Lower; Announces Strategic Initiatives, Hires Lehman To Evaluate Strategic Alternatives
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Price: $21.71 +0.46%
EPS Growth %: -81.4%
Financial Fact:
Net income: 1.18
Today's EPS Names:
MAXN, CSTR, ACU, More
EPS Growth %: -81.4%
Financial Fact:
Net income: 1.18
Today's EPS Names:
MAXN, CSTR, ACU, More
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Foot Locker Inc. (NYSE: FL) said it currently expects to report a loss in a range of $0.17-to-$0.20 per share for the second quarter. The Company's estimate for the second quarter that was provided at the beginning of the period was net income of $0.15-to-$0.20 per share.
The Company also updated its financial forecast for the second quarter to reflect that its comparable-store sales are expected to decrease 7-to-8 percent.
Foot Locker also announced that it initiated several steps during the second quarter that are designed to strengthen its business operations. Among those actions are: Merchandise Inventory Reduced through Aggressive Clearance Strategy; Additional U.S. Stores Identified for Potential Early Closure; More Aggressive Store Opening Plans Being Developed for Foot Locker Europe; Senior Division Management Changes.
The Company also confirmed that it had retained Lehman Brothers as an advisor to work with the Company to evaluate strategic alternatives, including inquiries received from private equity firms.
The Company also updated its financial forecast for the second quarter to reflect that its comparable-store sales are expected to decrease 7-to-8 percent.
Foot Locker also announced that it initiated several steps during the second quarter that are designed to strengthen its business operations. Among those actions are: Merchandise Inventory Reduced through Aggressive Clearance Strategy; Additional U.S. Stores Identified for Potential Early Closure; More Aggressive Store Opening Plans Being Developed for Foot Locker Europe; Senior Division Management Changes.
The Company also confirmed that it had retained Lehman Brothers as an advisor to work with the Company to evaluate strategic alternatives, including inquiries received from private equity firms.
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