Athletic apparel retailer Foot Locker reported another quarterly sales decline and missed revenue expectations as consumers continue to pull back from shoes.
Foot Locker
The company swung to a loss of $5 million, or 5 cents per share, compared to a profit of $94 million, or 99 cents a share, a year earlier. Excluding one-time items, the company reported earnings of 4 cents per share.The dismal quarter prompted Foot Locker to lower its forecast again – just five months after introducing it. The company also paused its quarterly cash dividend beyond its board's recently-approved October payout of 40 cents per share.
"We did see a softening in trends in July and are adjusting our 2023 outlook to allow us to best compete for price-sensitive consumers, while still leaning into the strategic investments that drive our Lace Up plan," CEO Mary Dillon said in a news release.to drive sales because its primary customer, which skews lower to middle-income, has pulled back on spending for discretionary goods like shoes and clothes.
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