Foot Locker: reduces FY guidance
(CercleFinance.com) - Sporting goods chain Foot Locker has reduced its guidance for the current fiscal year, now expecting non-GAAP EPS of $2 to $2.
25, as well as a 6.5% to 8% decline in revenue (-7.5% to -9% LFL).
Note the share's 25% drubbing in pre-market trading today.
In Q1, non-GAAP EPS slumped to $0.70 from $1.60 a year ago, on sales that fell 11.4% to $1.93bn (-9.1% LFL).
The group says it's sales have slowed significantly in a difficult macroeconomic environment, which has led it to reduce its forecasts as it makes more aggressive markdowns to stimulate demand and manage inventory.
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