Foot Locker (FL) Misses Q2 EPS by 28c, Miss on Revenues
Foot Locker (NYSE: FL) reported Q2 EPS of $0.62, $0.28 worse than the analyst estimate of $0.90. Revenue for the quarter came in at $1.7 billion versus the consensus estimate of $1.8 billion.
Second quarter comparable-store sales decreased 6.0 percent.
"While we believe our position in the market for premium sneakers remains very strong and our customers continue to look to us for compelling new athletic footwear and apparel styles," said Richard Johnson, Chairman and Chief Executive Officer, "sales of some recent top styles fell well short of our expectations and impacted this quarter's results. At the same time, we were affected by the limited availability of innovative new products in the market. We believe these industry dynamics will persist through 2017, and we expect comparable sales to be down three to four percent over the remainder of the year."
Mr. Johnson continued, "We are obviously disappointed in the results for the quarter, and our team is working quickly to adjust our operations to a changed retail landscape in which we are seeing our consumers move faster than ever from one source of inspiration or influence to another. In addition to working with our vendor partners to identify and capture new trends faster, we are also evaluating a realignment of our capital expenditure priorities and additional expense reductions so we can regain our momentum on both the top and bottom lines and deliver long-term value for our shareholders."
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