Foot Locker (NYSE:FL) stock is taking a beating on Friday as investors react to the athletic apparel retail company’s earnings report for the first quarter of 2023.
The bad news for FL stock starts with the company’s adjusted EPS of 70 cents. That’s well below the 81 cents per share that Wall Street had expected for the quarter. It’s also down from the $1.60 reported in the same period of the year prior.
To go along with that, revenue of $1.93 billion came in below analysts’ estimate of $1.99 billion for the period. That also represents an 11.4% decrease compared to revenue of $2.18 billion in Q1 2022.
Guidance Hammers FL Stock
As if those results weren’t bad enough, Foot Locker also cut its outlook for the full year of 2023. The company now expects adjusted EPS between $2 and $2.25, compared to the prior estimate of between $3.35 and $3.65. That doesn’t look good for FL stock, considering Wall Street expects it to report $3.46 per share in 2023.
Foot Locker also updated its revenue outlook for the full year of 2023. This has it now expecting a 6.5% to 8% drop year-over-year (YOY). It’s previous estimate was for revenue to decrease between 3.5% to 5.5%.
Investors are fleeing FL today with some 14 million shares changing hands as of this writing. For comparison, the company’s daily average trading volume is well below that at roughly 2.7 million shares. Also, shares are down 25.4% as of Friday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.