Foot Locker (FL, $44.00) shares fall -16%, as earnings and revenue lag behind expectations

Foot Locker shares stumbled, following the company’s disappointing fiscal first quarter results.

 The sportswear & footwear retailer’s adjusted earnings for the quarter came in at $1.53 per share, lagging behind analysts’ estimates of $1.60 per share. 

Revenue increased +2.5% year-over-year to $2.08 billion, but missed analysts’ expectations of $2.11 billion.  Comparable-store sales climbed +4.6% in the quarter, falling behind the expected +5.2%.

Foot Locker spent $1.8 million to buy back 32,100 shares during the quarter, an amount lower than what  analysts expected. According to the company, it now expects its earnings per share growth to be at “high-single digits” for the year, versus double-digit growth.

The shoe industry is apparently facing the heat from US President Donald Trump’s 25% tariff threat on imported footwear (among other items) from China. Foot Locker, along with more than 170 shoe retailers, including Nike and Under Armour, have written a letter to Trump, urging him to consider suspending such tariffs plans.

Foot Locker shares plunged -16% during in morning Friday.