Foot Locker (NYSE:FL) stock is taking a beating on Wednesday after the athletic wear retailer released its second-quarter earnings report.
The bad news for FL stock starts with its adjusted EPS of 4 cents. That’s below the 5 cents per share that Wall Street was expecting for the quarter. In addition to that, it represents a major drop from the $1.10 per share reported in Q2 2022.
To go along with this, Foot Locker reported revenue of $1.86 billion in Q2. That’s another miss for the company next to analysts’ estimate of $1.88 billion. Likewise, it represents a year-over-year (YOY) drop of 9.9% compared to $2.07 billion.
More Bad FL Stock News
Not helping Foot Locker stock is the company announcing a pause to its quarterly cash dividend. The company claims it’s taking this action to “increase balance sheet flexibility in support of longer-term strategic priorities.”
Another blow to FL stock comes from its updated 2023 outlook. It now expects adjusted EPS between $1.30 and $1.50. That’s a drop from its prior adjusted EPS guidance of between $2 and $2.25. It also doesn’t look good next to Wall Street’s adjusted EPS estimate of $2.01 for the year.
With this news comes some 3 million shares of FL stock changing hands. That roughly matches its daily average trading volume. It also has the stock falling 31.3% as of Wednesday morning.
Investors keeping tabs on all of the latest stock market news will want to keep reading!
We’ve got all of the biggest stock market news that traders need to know about on Wednesday! That includes what’s going on with shares of AMC Entertainment (NYSE:AMC) stock, Apellis Pharmaceuticals (NASDAQ:APLS) stock and BioNexus Gene Lab (NASDAQ:BGLC) stock today. All of that news is ready to go below!
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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.
