Specialty athletic retailer Foot Locker, Inc. (FL) reported Wednesday a second-quarter net loss of $5 million or $0.05 per share, compared to net income of $94 million or $0.99 per share in the prior-year quarter.
Excluding items, adjusted earnings for the quarter was $0.04 per share, compared to $1.10 per share in the year-ago quarter.
On average, 17 analysts polled by Thomson Reuters expected the company to report earnings of $0.04 per share for the quarter. Analysts' estimates typically exclude special items.
Total sales for the quarter declined 9.9 percent to $1.86 billion from $2.07 billion in the same quarter last year. Excluding the effect of foreign exchange rate fluctuations, total sales declined 10.2 percent. Comparable-store sales decreased 9.4 percent. Analysts expected revenues of $1.88 billion for the quarter.
Looking ahead to fiscal 2023, the company now projects adjusted earnings in a range $1.30 to $1.50 per share on net sales decline of 8.0 to 9.0 percent, with comparable sales decline of 9.0 to 10.0 percent.
Previously, the company expected adjusted earnings in the range $2.00 to $2.25 per share on net sales decline of 6.5 to 8.0 percent, with comparable sales decline of 7.5 to 9.0 percent.
The Street is looking for earnings of $2.01 per share on net sales decline of 8.1 percent to $8.05 billion for the year.
The company also said it is pausing its quarterly cash dividends beyond its recently-approved payout on October 27 to holders of record on October 13, to increase balance sheet flexibility in support of longer-term strategic priorities.
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