Foot Locker shares plunge after second-quarter sales fall way short

“We believe these industry dynamics will persist through 2017, and we expect comparable sales to be down three to four percent over the remainder of the year,” Johnson added.

In response to Foot Locker’s disappointing results and outlook, shares of Nike and Under Armour dropped 3.5 and 2.3 percent, respectively, in premarket trading Friday.

Entering Friday’s session, Foot Locker shares had already fallen nearly 33 percent in 2017.

FL shares in 2017 (entering Friday)

Source: FactSet

“We are obviously disappointed in the results for the quarter, and our team is working quickly to adjust our operations to a changed retail landscape in which we are seeing our consumers move faster than ever from one source of inspiration or influence to another,” Johnson said.