Foot Locker Breaks Even In 2nd Quarter

NEW YORK (AP) — Athletic shoe and apparel retailer Foot Locker Inc. on Thursday reported a break-even performance, as lower operating expenses failed to fully offset a decline in same-store sales.

For the quarter ended Aug. 1, the company reported no profit, compared with year-ago earnings of $18 million, or 11 cents per share.

Revenue declined 16 percent to $1.10 billion from $1.30 billion, hurt by exchange rates and a 12.1 percent decline in same-store sales.

The results missed expectations of analysts polled by Thomson Reuters, who had forecast earnings of 6 cents per share and revenue of $1.17 billion, on average.

"Until we see enduring signs of a pick-up in overall consumer spending, we plan to continue to control the key controllables of our business, with an objective of reducing our operating expenses and optimizing inventory management," Chief Executive Matthew D. Serra said in a statement.

Selling, general and administrative expenses declined to $530 million from $598 million.

At Aug. 1, the company operated 3,615 stores in 21 countries.

Shares closed earlier up 13 cents at $11.30.