Foot Locker Shares Slide After Profit Warning

Foot Locker Inc. shares fell 3.6% in Thursday premarket trading after the athletic apparel and footwear retailer issued a profit warning for the first quarter. Foot Locker now expects first quarter earnings to be $1.36 to $1.39 per share, equal to or just below last year. Same-store sales are expected to increase in the low-single-digit percentage range. The FactSet EPS consensus is for $1.47, and the same-store sales estimate is for a 2.7% increase. The company revised the full-year EPS estimate to mid-single-digit percentage growth from double-digit growth due to the expected first-quarter result. Chief Executive Richard Johnson said the year was off to a slow start due to the income tax refund delay that affected February same-store sales, which were down low double digits. Even when refunds were issued and sales rebounded in March, it wasn't enough to offset the sluggish beginning. Foot Locker shares are up 18.5% for the past year while the S&P 500 index is up 11.2% for the period.