Foot Locker (FL - Get Report) plunged on Friday after the company reported second-quarter earnings and sales that missed analysts' forecasts as it struggled to attract consumers, specifically sneaker-wearing youth, to its stores.
The New York-based specialty athletic retailer posted net income of $60 million, or 55 cents a share, in its second quarter, vs. net income of $88 million, or 75 cents a share, in the comparable year-earlier period.
On an adjusted basis, however, the company earned 66 cents a share, 1 cent short of the 67 cents expected by analysts polled by FactSet.
Sales slipped 0.4% to $1.77 billion, down from $1.78 billion a year ago and also shy of analysts' forecasts of $1.8 billion. Second-quarter comparable-store sales, a key retailer metric, increased 0.8%.
The results bucked the trend of other large retailers who have defied expectations by posting stronger-than-expected earnings, though more clothing-specific retailers like Gap (GPS - Get Report) have also posted mixed results, particularly on the same-store-sales front.
"While our results in the second quarter did come in at the low end of our expectations, we saw improvement in our performance as we moved through each month of the quarter," CEO Richard Johnson said in a statement.
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"We remain deeply connected with sneaker and youth culture, and believe this positive momentum exiting the quarter has us well positioned for the back-to-school period and beyond."
For the third quarter, analysts polled by FactSet currently expect Foot Locker to earn $1.10 a share on sales of $1.9 billion.
Shares of Foot Locker were down 14.33% to $35.92 in trading on Friday.