Monday, May 22, 2017

Foot Locker Turns to Plan B After First Quarter Sales Drop

Foot Locker‘s first quarter sales are in and the athletic apparel retailer isn’t pleased with the results. Footwear News is reporting that Foot Locker’s shares are down 15% and profits have fallen 5.8%. Revenues did reportedly increase slightly, though the gains were less than 1%. As the retail industry continues to plummet, Foot Locker’s CEO Dick Johnson expressed to shareholders that he was “not satisfied” with his company’s first quarter outcome.

Foot Locker Thinking of 'Plan B' As Sales Weaken

As tough retail times persist, Foot Locker Inc. is reaching into its arsenal for a back up plan. The specialty athletic retail firm's shares are feeling the heat today - down more than 15 percent as of 11:45 a.m. - after its first-quarter profit results fell short of expectations.