Foot Locker (FL) has reported disappointing first quarter results, causing shares to pullback 6% in Friday’s pre-market trading. First quarter non-GAAP EPS of -$0.67 missed Street estimates by $0.44 while GAAP EPS of -$0.93 fell short of expectations by $0.74.Notably revenue for the athletic retailer of $1.18B plunged 43% year-over-year and fell $130M below consensus estimates. The company’s gross margin rate decreased to 23% from 33.2% a year ago and the SG&A expense rate increased to 26.9% from 20% in the first quarter of 2019. Foot Locker cited Covid-19 related store closures as behind the significant decline in sales.“We have …read more
Source:: Yahoo Finance
