Foot Locker shares plummeted by 27.9 percent on Friday after the company's quarterly results missed expectations by a wide margin. The stock posted its biggest daily loss since November 2008, when it fell 28.1 percent.
The athletic apparel retailer posted adjusted earnings per share of 62 cents on revenue of $1.701 billion for the second quarter. Analysts polled by Thomson Reuters expected the company to report earnings per share of 90 cents on sales of $1.8 billion.
Same-store sales, a key metric closely watched by Wall Street, fell 6 percent year over year. Analysts polled by StreetAccount expected an increase of 1 percent.
Chairman and CEO Richard Johnson said in a statement that "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," Johnson added.
Entering Friday's session, Foot Locker shares had already fallen nearly 33 percent in 2017.
FL shares in 2017 (entering Friday)
"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," Johnson said.