Foot Locker shares plunge after weak sales
|bbc.com 19 May 2017 at 09:16|
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.