Foot Locker (FL) reports a terrible quarter and lowers guidance. The specialty retailer also pauses its dividend.
Foot Locker reported awful fiscal 2023 second-quarter results and guidance before the opening bell Wednesday, prompting a major change in the way we look at this stock. Total revenue fell 10% year-over-year to $1.86 billion, missing the Refinitiv compiled consensus estimate for $1.88 billion. Adjusted earnings-per-share plummeted 96% to 4 cents. However, that EPS number matched analyst estimates, according to Refinitiv.
The store traffic and conversion challenges, we began to see in late Q1 persisted through the second quarter as our customers remained cautious with their discretionary dollars. As a result, we've promoted more heavily than initially planned to better compete for a share of our customers' wallets and manage our inventory levels." We know the lower-income consumer has come under immense pressure due to high inflation.
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