Foot Locker shares tumbles 12% after sales miss estimates

Patrick T. Fallon | Bloomberg | Getty Images

Customers walk with Foot Locker shopping bags on the Third Street Promenade in Santa Monica, California.

Shares of Foot Locker were down 12 percent on Friday, the stock’s worst day in a year, after the company posted weaker than expected sales for the last quarter.

Foot Locker’s same-store sales for the second quarter increased 0.5 percent versus the 0.7 percent increase expected according to the consensus estimate from FactSet.

Those sales are not expected to get much better this quarter. “For the third quarter, we still expect comparable sales to be up low single-digits with Q4 strengthening further within that low single-digit range, ” said the company’s CFO Lauren Peters on a conference call.

Foot Locker earned 75 cents per share for the quarter, 5 cents better than the consensus analyst estimate from Thomson Reuters.

The stock’s poor performance on Friday also weighed on Dick’s Sporting Goods, which was down 7 percent on Friday, that company’s worst day since Oct ober 2017.