3 Things Foot Locker Wants Investors to Know
Investors reacted harshly to Foot Locker's (NYSE: FL) latest earnings report, sending shares down by 19% after the retailer announced weak sales and falling customer traffic. Profitability dropped, too, as the chain spent heavily on its e-commerce initiatives.
CEO Richard Johnson and his team admitted in a conference call with Wall Street analysts that Foot Locker took a "step backwards" in a few areas, such as apparel, while succeeding in other categories such as men's basketball and running shoes. The management team also issued an optimistic outlook for the rest of the year based on a demand uptick over the last few weeks.
Let's take a closer look at what the chain's executives had to say about the quarter.
Source Fool.com
