US: Foot Locker falls short of forecast
Shoe retailer Foot Locker missed first-quarter sales expectations, affected by its underperforming European operations.
Quarterly sales fell 0.9% to US$1.37bn compared with sales of $1.38m last year. Same-store sales were up 0.5% during the quarter.
Net income, meanwhile, grew to $59m from $58m a year ago, benefiting from a cumulative effect of accounting change as well as less markdowns than anticipated.
"Our first-quarter financial results reflected a strong performance in each of our North American businesses offset by sales and profit declines in our European operation," said Matthew D Serra, Foot Locker's chairman and CEO.
"Total sales in the quarter were lower than our initial expectations, but our profitability was enhanced by lower than planned markdowns that benefited our gross margin rate."
The company currently expects second-quarter earnings per share of $0.27 to $0.30 and full-year earnings per share of $1.75 to $1.85.
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