Stock Alert: Foot Locker Down 8% After Weak Q1 Results

(RTTNews) - Shares of Foot Locker Inc. (FL) are losing more than 8 percent or $2.53 in Friday's morning trade at $26.79 after the specialty athletic retailer reported a net loss for the first quarter on a sharp decline in sales.

Foot Locker also decided to temporarily suspend the cash dividend beginning with the second quarter payment.

The stock has traded in a range of $17.46 to $47.86 in the past 52 weeks.

Friday, Foot Locker said its net loss for the first quarter was $98 million or $0.93 per share, compared to net income of $172 million or $1.52 per share in the prior-year period. Adjusted loss was $0.67 per share, compared to adjusted earnings of $1.53 per share last year. On average, analysts polled by Thomson Reuters expected the company to report earnings of $0.49 per share. Analysts' estimates typically exclude special items.

Sales for the quarter dropped 43.4 percent to $1.18 billion from $2.08 billion in the year-ago period. Analysts expected revenue of $1.58 billion. Comparable-store sales decreased 42.8 percent.