Foot Locker Falls by Over 8% on Q1 Results, Dividend Suspension
The retail industry is struggling to survive in the face of this pandemic. The latest in a growing set of examples is athletic apparel and sneaker specialist Foot Locker (NYSE: FL), the stock price of which dived after the company posted its Q1 fiscal 2020 results on Friday.
For the quarter, Foot Locker's sales came in at just under $1.18 billion, down a steep 43% from the same period last year. Comparable-store sales dropped by roughly the same percentage. In terms of profitability -- or the lack thereof -- the retailer swung to a loss of $70 million, or $0.67 per share, on a non-GAAP (adjusted) basis. The Q1 2019 result was a net profit of $173 million.
Image source: Foot Locker.
Source Fool.com
