Foot Locker reported Q1 sales of $1.93B on Friday,

 

Foot Locker reported Q1 sales of $1.93B on Friday,  down 11.4% YoY. The retailer is marking down its products in a bid to clear inventory. Foot Locker posted adjusted earnings per share of 70 cents, falling short of the 81 cents expected by analysts. Net income fell to $36M from $132M last year. Foot Locker lowered its annual guidance and expects sales to be down 6.5% to 8% for the year. Shares closed 27% down on Friday.