Foot Locker lowers full-year outlook again, pauses dividend as 2Q sales fall on cautious consumers
Foot Locker is cutting its full-year outlook again and pausing its quarterly dividend as sales dropped in its fiscal second quarter with consumers continuing to be more cautious about their purchases.
Shares tumbled more than 33% in morning trading Wednesday.
The footwear and clothing retailer said quarterly sales declined to $1.86 billion from $2.07 billion. That’s short of the $1.88 billion that analysts polled by Zacks Investment Research were calling for.