Foot Locker is cutting its full-year outlook again and pausing its quarterly dividend as sales dropped in its fiscal second quarter with consumers continuing to be more cautious about their purchases.
, dragged down by cautious spending in addition to backlash by some customers to its Pride merchandise.
Full-year adjusted earnings are now predicted to be in a range of $1.30 to $1.50 per share. The New York-based company's previous outlook was for adjusted earnings between $2 and $2.25 per share. For the second quarter, the company moved to a loss of $5 million, or 5 cents per share, for the period ended July 29. That compares with a profit of $94 million, or 99 cents per share, a year earlier.During the quarter Foot Locker opened 15 new stores, remodeled or relocated 16 stores, and closed 108 stores, leaving it with nearly 2,600 stores in 26 countries.
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