Foot Locker shares plunge after weak sales

Foot Locker shares plunge after weak sales
Chief executive Richard Johnson said he was "not satisfied" with the results. The firm is crafting a "plan B" for the year, focused on controlling costs.

Total Foot Locker sales topped $2bn, up 0.7% year-on-year, thanks to some new stores.

But delayed tax refunds in the US depressed traffic in February, traditionally one of the firm s biggest months, Mr Johnson said.

He also said the craze for classic Adidas Superstars and Stan Smith trainers had died down, without being replaced by a comparable must-have item.

Sales increased as the period progressed, he added, repeating observations made by other retailers.

"It was a bit of a rollercoaster ride," he said.

Foot Locker, which has a global footprint of more than 3,350 stores and brands such as Champs Sports and Runners Point, said total profits were $180m in the quarter, down more than 5%.

Deutsche Bank analyst said Paul Trussell said industry analysts did not have confidence that Foot Locker could deliver on its promised sales growth in the rest of the year.
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