Foot Locker Net Falls on Weak Sales, Litigation Charge
Citing ongoing weakness in high-end sneaker sales that are not expected to improve for the rest of the year, Big Foot reported net income of $51 million for the quarter ended Jul. 29, down 60% from $127 million, as sales declined 4% to $1,701 million from $1,780 million on a 6.0% comp store decline. Results were further hampered by a $50 million litigation charge for the long-running pension dispute that is in addition to the $100 million charge Big Foot sustained last year. The stock was hammered by 24% as Big Foot told investors that the sales weakness of Q2 ... Log in to view full article.