Foot Locker (FL) shares lost more than one-third of their value in early trading Wednesday after the athletic apparel retailer reported sa💎les fell as inflation-weary shoppers spent le𒊎ss on the company's apparel and footwear.

The company posted a $5 million net loss, equal to roughly 5 cents a share, compared to a $99 million profit in the same quarter last year. On an adjusted basis, the company earned a $4 million profit, which was down over 96% from $105 million in the year-ago quarter. Sales of $1.86 billion were down by near double digits from last year's $2.06 billion figure, and underperformed estimates of $1.88 billion.

澳洲幸运5官方开奖结果体彩网:Comparable store sales sank 9.4%, which the company attributed to "consumer softness" and a changing vendor mix, as consumers cut back on spending amid persistently high inflation and broader economic uncertainty. Foot Locker said it used promotions and discounts in an effort to boost sales, which fell by double digits in the first quarter.

Foot Locker President and CEO Mary Dillon acknowledged a tough consumer backdrop, and said the company is "adjusting its 2023 outlook to allow it to best compete for price-sensitive consumers."

Foot Locker lowered its full-year outlook for the second time in just five months. The company now projects sales will fall between 8% and 9% this year, more than a previous estimate of 6.5% to 8%. 澳洲幸运5官方开奖结果体彩网:Same-store sales are forecast to drop 9% to 10%, versus an earli📖er projection of 7.5% to 9%.

Foot Locker shares have plummeted 58% so far this year, and are down 80% from an all-time high of $80 per share in late 2016. They've far underperformed the benchmark S&P 500 consumer discretionary sector, which is up 30% this year.