Foot Locker Stock Tripped Up By Tepid Results and Store Closures

Group 1 - Foot Locker reported a sales growth of 1.9% year-over-year, reaching $1.9 billion, slightly exceeding analyst expectations [1] - The company experienced a loss of 13 cents per share, compared to a loss of 5 cents per share a year earlier, which was wider than anticipated [1] - Foot Locker's shares fell nearly 13%, bringing the year-to-date decline to about 8% [1] Group 2 - Despite the sales growth, Foot Locker maintained its full-year guidance, expecting sales to range between a 1% increase and a 1% decrease from $8.15 billion in 2023 [2] - As part of its "Lace Up" plan, Foot Locker closed all stores and e-commerce operations in South Korea, Denmark, Norway, and Sweden, and transferred its presence in Greece and Romania to a European retail group [2] - The company plans to close approximately 30 of its 140 stores in the Asia Pacific region and 629 stores in Europe by mid-2025 [2]