<p>Foot Locker (NYSE: FL) revenues for the retailer’s athletic clothing in the first quarter of 2020, the FL share fell sharply on Friday. This comes after reporting adjusted earnings per share of 67 cents. That is far from Wall Street‘s estimate of 49 cents. Its $ 1.18 billion revenue also lacks analysts’ estimates of $ 1.58 billion.
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Let’s take a closer look at the latest Foot Locker earnings report below.
Adjusted losses per share are a significant decrease compared to adjusted earnings per share of USD 1.53 during the first quarter of 2019. Revenue for the quarter is 43.3% lower than USD 2.07 billion from the same period last year. Operating profit of – 90 million dollars is a negative change compared to the previous year from an operating profit of 228 million dollars. Foot Locker revenue also has a net loss of $ 98 million. This is significantly worse than the company’s net income of $ 172 million during the same period last year.
Lauren Peters, vice president and CFO of Foot Locker, said this in the report.
“As the severity of COVID-19‘s impact on the global retail industry became clearer, we took action in our organization to control costs, strengthen our financial position and increase our liquidity. We believe that the operational and financial measures we have taken will enable us to create a safe environment in our stores and protect the health of our business to ensure that we emerge even stronger. ”
Foot Locker does not discuss guidance in the current performance report. It makes sense with the new coronavirus that is causing chaos for the economy. Many other companies are keeping the outlook right now.
The FL share fell 12.5% from 13.00 on Friday.
At the time of writing, William White had no position in any of the above securities.
Article printed from InvestorPlace Media, https://investorplace.com/2020/05/foot-locker-earnings-drop-fl-stock-hard/.
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