Foot Locker Plummets on Third-Quarter Report

PORTLAND, Ore. -- Shares of Foot Locker (FL Quote) plunged in trading Friday after the athletic goods retailer announced disappointing third-quarter results and slashed its outlook.

Shares of Foot Locker fell $3.30, more than 43%, to $4.33 by midmorning trading Friday.

Specialty mall-based retailers such as Foot Locker have seen traffic and sales slumping in their stores for more than a year. And the global economic meltdown that has consumers limiting their discretionary spending has exacerbated the situation.

Foot Locker said it earned $24 million, or 16 cents a share, in the quarter, compared with a loss of $33 million, or 22 cents a share, in the same period last year. But after stripping out the one-time charges from both quarters, the company's profit fell 18.2% to $27 million, or 18 cents a share. ...