Single-digit increases for Foot Locker's US, Canadian and Asia/Pacific stores couldn't offset Europe's poor results, which negatively impacted overall same-store sale performance. During the secondquarter, comp-store sales increased just 1.3% company-wide, while sales increased 3% to $1.3 million compared to $1.26 million for the same period last year.
Foot Locker Chairman and CEO Matthew D. Serra says that European results were "below our expectations and very disappointing." The chain lowered its earnings estimates to 27 cents per share from 29 cents per share.Analysts had been expecting 35 cents per share, according to Thomson First Call. Moreover, Foot Locker's stock took an 6% dive at the news, closing at $23.65.
Foot Locker operates about 4,000 stores in 18 countries through its brands Foot Locker, Footaction, Lady Foot Locker, Kids Foot Locker and Champs Sports.
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