Foot Locker Lowers Guidance, Citing Same-Store Shortfall
Foot Locker slashed its first-quarter earnings outlook on Thursday, citing a 5.1% fall in quarterly same-store sales and markdowns at its stores in the United States.
Foot Locker now expects first-quarter earnings of 10 cents to 11 cents a share, well below a prior view of 34 cents to 37 cents a share.
Analysts, on average, have been expecting quarterly earnings of 36 cents, according to Reuters Estimates.
"While our first quarter sales and earnings at our U.S. store business fell short of our expectations, our financial results from our international units were generally in line with our plan with earnings increasing from last year's comparable period," said Chief Executive Matthew Serra in a statement.
Foot Locker did not provide a reason for the same-store sales decline. But U.S. retailers struggled in April, reporting the weakest April sales results on record on Thursday, due to cold weather and an earlier Easter holiday that sapped demand for spring merchandise.