A sign hangs above the entrance of a Foot Locker store on August 02, 2021 in Chicago, Illinois.
Scott Olson | Getty Images
Foot Locker’s stock opened 24% lower Friday after it reported dismal fiscal first-quarter results and reduced its outlook just two months after introducing it.
The footwear retailer missed on both the top and bottom lines and said it has had to increase markdowns to drive sales.
Here’s how Foot Locker did in its first fiscal quarter compared with what Wall Street was anticipating, based on a survey of analysts by Refinitiv:
- Earnings per share: 70 cents adjusted vs. 81 cents expected
- Revenue: $1.93 billion vs. $1.99 billion expected
The company’s reported net income for…