Foot Locker’s poor earnings drag down sports retailers

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U.S.A, Aug 19 (ANI): Sporting goods stocks are getting slammed on Foot Locker’s weak results. The athletic wear retailer’s quarterly sales at existing stores fell down to six percent and Foot Locker warned sales will decline by up to four percent for the rest of the year. Foot Locker blamed the degrading sales on the lack of new innovative products. It’s the latest sports retailer to report weak earnings and on Friday, Hibbett Sports said its same-store sales fell nearly 12 percent. Earlier this week, Dick’s Sporting Goods posted flat comparable sales and warned that’ll decline in the third quarter.

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