Foot Locker shares dropped to their lowest level since October 2013 on Friday after the retailer of shoes and apparel reported financial results for fiscal Q2 that trailed analysts’ estimates. FL was down 26% recently, in a new 52-week range between $34.55 and $79.43.
Adjusted net profit in the quarter ended July 29 was $0.62 per share, down from $0.94 per share in the prior year period and short of the $0.90 per share Street estimate provided by Capital IQ. Sales for the quarter ended July 29 were $1.70 billion, down from $1.78 billion reported for the same period last year and lower than the $1.80 billion Street estimate. Comparable store sales fell 6% in the quarter.