“Sales have been softer than expected through the first half,” said Foot Locker CEO Mary Dillon
Foot Locker Inc. is seeing a weaker start to the back-to-school season amid pressure on customers’ discretionary spending.
“As a result, we promoted more heavily than initially planned to better compete for a share of our customer’s wallet and manage our inventory levels,” she added.The retailer has seen a weaker start to the back-to-school season, according to the Dillon. July and August have been a little bit weaker than Foot Locker would have hoped, she added.
The company’s inventory level was up 11% year-over-year during the second quarter, but is moderating, according to Foot Locker. “We’re pleased with the progress that we made in the quarter,” said CFO Mike Baughn, during the conference call to discuss the second-quarter results. “We are calling out that we will end the year flat to slightly down.”
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