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Foot Locker Posts Adj. Loss In Q1; Comps. Down 42.8% - Quick Facts

Foot Locker, Inc. (FL) reported a first quarter non-GAAP loss per share of $0.67, compared to non-GAAP profit of $1.53 per share, last year. On average, 20 analysts polled by Thomson Reuters expected the company to report profit per share of $0.49, for the quarter. Analysts' estimates typically exclude special items. Gross margin rate decreased to 23.0 percent from 33.2 percent a year ago.

First quarter sales decreased 43.4 percent, to $1.18 billion from prior-year period. Excluding the effect of foreign exchange rate fluctuations, total sales decreased 42.9 percent. Analysts expected revenue of $1.58 billion for the quarter. Comparable-store sales decreased 42.8 percent.

The company's Board has decided to temporarily suspend the cash dividend beginning with the second quarter payment. The Board will continue to evaluate the dividend policy on a quarterly basis.

Shares of Foot Locker were down 5% in pre-market trade on Friday.

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