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Foot Locker Trades Lower On Q2 Earnings Miss

Foot Locker Trades Lower On Q2 Earnings Miss

Foot Locker (NYSE: FL) shares are trading lower after the company reported worse-than-expected second-quarter results.

The company reported second-quarter earnings of 66 cents per share, which missed the analyst consensus estimate of 67 cents. This is a 12% decrease over earnings of 75 cents per share from the same period last year.

Foot Locker reported quarterly sales of $1.774 billion, which missed the analyst consensus estimate of $1.82 billion. This is a 0.45% decrease over sales of $1.782 billion the same period last year.

"While our results in the second quarter did come in at the low end of our expectations, we saw improvement in our performance as we moved through each month of the quarter," said Richard Johnson. "We remain deeply connected with sneaker and youth culture, and believe this positive momentum exiting the quarter has us well positioned for the back-to-school period and beyond. Further, our team continues to make meaningful progress against our long-term strategic imperatives."

Foot Locker shares were trading down 10.09% at $37.70 in Friday’s pre-market session. The stock has a 52-week high of $68 and a 52-week low of $36.82.

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