Foot Locker downgraded its annual guidance for the second time and announced that quarterly dividend payouts would be paused after October as it grapples with weaker consumer demand.
The trainer and leisure retailer described “tough” conditions in the latest quarter and a “softening” in demand last month. Its shares slumped $7.38, or 32 per cent, to $15.82 by lunchtime in New York.
Sales at the chain missed expectations on Wall Street in the three months to July 29, its second quarter, declining by 9.9 per cent to $1.86 billion. It also posted a net loss of $5 million, down from a profit of $94 million during the same period a year earlier.
With shoppers under pressure from the soaring cost of living, the chain announced
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