Friday, May 22, 2020

Foot Locker swings to Q1 loss; phased store reopening underway

Chain Store Age
Foot Locker reported a much wider-than-expected fiscal first-quarter loss as its stores went dark during the pandemic and is temporarily suspending its cash dividend.

The athletic shoe and accessories retailer swung to a net loss of $98 million for the quarter ended May 2, from net income of $172 million in the year-ago period. 

Sales dropped 43% to $1.18 billion, below estimates of $1.36 billion. Comparable-store sales decreased 42.8%. . . . more