United States – (Mckoy’s News) – Foot Locker Sales Drop: Investors are very concerned that sales at Foot Locker have dipped during quarterly sales this year.
The New-York athletic-wear chain said sales in February to April rose 0.5% compared with 2016 at stores open at least a year.
The news sent shock waves and shares dropped 15% in trade on Friday morning.
Chief Executive Richard Johnson said he was not satisfied with the results for this present quarter and the firm is crafting a plan B for the year, focused on controlling costs.
Total Foot Locker sales topped $2 billion, up 0.7% year-on-year.
But delayed tax refunds in the US depressed traffic in February, traditionally one of the firm’s biggest months.
He also said the craze for classic Adidas Superstars and Stan Smith trainers had died down without being replaced by a comparable must-have item.
Dr. Colin O. Jarrett – Mckoy’s News Correspondence
