Foot Locker (NYSE:FL) earnings for the athletic wear retailer’s first quarter of 2020 have FL stock falling hard on Friday. This comes after reporting adjusted per-share losses of 67 cents. That’s far short of Wall Street’s estimate of 49 cents. Its revenue of $1.18 billion also misses analysts’ estimates of $1.58 billion.
Let’s take a closer look at the most recent Foot Locker earnings report below.
- Adjusted per-share losses are a major decline compared to adjusted earnings per share of $1.53 in Q1 2019.
- Revenue for the quarter is sitting 43.3% lower than the $2.07 billion from the same time last year.
- Operating loss of -$90 million is a negative switch year-over-year from an operating income of $228 million.
- The Foot Locker earnings also have it bringing in a net loss of -$98 million.
- That’s massively worse than the company’s net income of $172 million in the same period of the year prior.
Lauren Peters, executive vice president and CFO of Foot Locker, said this in the report.
“As the severity of COVID-19’s impact on the global retail industry became more evident, we took actions across our organization to control costs, bolster our financial position and increase our liquidity. We believe the operational and financial actions we have taken will enable us to create a safe environment in our stores and protect the health of our business to ensure that we emerge even stronger.”
Foot Locker doesn’t discuss guidance in the current earnings report. That makes sense with the novel coronavirus causing chaos for the economy. Many other companies are withholding outlooks at this time.
FL stock was down 12.5% as of 1 p.m. Friday.
As of this writing, William White did not hold a position in any of the aforementioned securities.