Athletic apparel retailer Foot Locker reported another quarterly sales decline and missed revenue expectations as consumers continue to pull back from shoes.
Sales declined to $1.86 billion, down 9.9% from $2.07 billion a year earlier.
The athletic apparel retailer now expects sales to drop 8% to 9% for the year, compared to a previously issued forecast of down 6.5% to 8%. It is projecting a drop in same store sales of 9% to 10%, compared to its previous guidance of down 7.5% to 9%. "We did see a softening in trends in July and are adjusting our 2023 outlook to allow us to best compete for price-sensitive consumers, while still leaning into the strategic investments that drive our Lace Up plan," CEO Mary Dillon said in a news release.to drive sales because its primary customer, which skews lower to middle-income, has pulled back on spending for discretionary goods like shoes and clothes.
Shrink, a retail industry term that refers to merchandise lost by theft, damage or other means, also weighed on profits, Foot Locker said. It didn't disclose how much shrink cut into its margins compared to promotions.
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