SHAREHOLDER ALERT

Pomerantz Law Firm Reminds Shareholders with Losses on their Investment in Foot Locker, Inc. of Class Action Lawsuit and Upcoming Deadline – FL - Seite 2

On May 19, 2017, Foot Locker issued a press release entitled “Foot Locker, Inc. Reports 2017 First Quarter Results,” announcing its first quarter 2017 (“1Q17”) financial results for the period ended April 29, 2017. Foot Locker reported that its 1Q17 revenue growth had plummeted, falling to essentially flat. Same store sales increased only a mere half percent. As a result, Foot Locker reported that its profits fell during the period to $180 million, or $1.36 per share, below the $1.38 per share the Company had led investors to expect, and well below the $191 million, or $1.39 per share, the Company had reported for 1Q16. During the conference call held with investors and analysts that morning, defendants further disclosed that this trend was not restricted to the second half of 2016 and 1Q17, but would continue, and that the Company was then forecasting second quarter 2017 (“2Q17”) comparable store sales up only in the low single digits, with profits relatively flat compared to the 2Q16. Defendants stated that if sales did not improve, the Company would be forced to cut costs and inventory in order to make its 2017 financial guidance of a mid-single digit EPS increase.

On this news, Foot Locker’s share price fell $11.73, or 16.65%, to close at $58.72 per share on May 19, 2017.

On August 18, 2017, before the open of trading, Foot Locker issued a press release entitled “Foot Locker, Inc. Reports 2017 Second Quarter Results,” announcing its 2Q17 financial results for the period ended July 29, 2017. Foot Locker reported that its 2Q17 revenues had now actually declined 4.4% year-over-year, falling nearly $80 million from $1.78 billion in the 2Q16 to $1.7 billion in the 2Q17. Same-store sales fell a full 6%. As a result, Foot Locker reported that its profits fell during the period to just $51 million, or $0.39 per share, drastically below the $0.90 per share the Company had led investors to expect, and well below the $127 million, or $0.94 per share, the Company had reported in 2Q16. The Company also stated that it would close approximately 130 stores, more than the 100 stores it had previously announced it would close. During the conference call held with investors and analysts that morning, the Company said it expected weaker sales for the remainder of FY17, with same-store sales likely to be down between 3% and 4% for 3Q17 and 4Q17.