Foot Locker shares plummet by 17% after shortfall and sales

Foot Locker Inc.

FL -18.91%

Shares fell 17% on Friday, after the sports retailer reported earnings and sales in the second quarter below expectations. Net income reached $ 60 million, or 55 cents a share, compared with $ 88 million or 75 cents a share last year. Adjusted EPS of 66 cents missed the 67 cents FactSet consensus. Sales were $ 1.77 billion, compared to $ 1.78 billion in 2018 and less than FactSet's forecast of $ 1.82 billion. Same store sales increased 0.8%. FactSet's outlook was 3.2% growth. Foot Locker's business is down 21.2% since the beginning of the year, while the S & P 500 index

SPX, -2.59%

gained 16.6% for the period.