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Bloomberg
Foot Locker Inc shares fell as much as 12% in premarket trading after the athletic-goods retailer missed analysts’ expectations for same-store sales and overall revenue.
Comparable-store sales declined 2.7% in the fourth quarter ended on January 30, Foot Locker said, compared with analysts’ estimate of a 3.5% increase as compiled by Consensus Metrix. Revenue of $2.19 billion missed the expectation of $2.29 billion compiled by Bloomberg.
Foot Locker cited “the challenging macro backdrop of Covid-related store closures and supply-chain congestion†in its statement. It said more than 10% of its locations are closed due to the pandemic.
The disappointing results come as Foot Locker is facing off against possible takeover interest from its largest
shareholder, Czech billionaire Daniel Kretinsky’s Vesa Equity Investment S.a.r.l. The retailer adopted a poison-pill defense in December.
The company said it couldn’t provide 2021 guidance because of pandemic uncertainty.