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International Business Times
International Business Times
Business
Carla St. Louis

Footlocker Stock Price Plunges After Earnings Miss Blamed On Soft Back-To-School Sales

Footlocker Foot Locker Adidas
LONDON, ENGLAND - JULY 09: Snoop Dogg looks at adidas shoes during a Press conference for adidas at the Footlocker Oxford Street store on July 9, 2010 in London, England. (Credit: Ian Gavan/Getty Images for adidas)

Foot Locker's stock price dropped sharply Wednesday after the company missed earnings expectations for the third quarter of 2024, primarily due to weaker-than-expected back-to-school sales.

According to an earnings report by FootLocker, total sales fell by 1.4% or $1.96 billion, while comparable sales only rose by 2.4%, below forecasted projections.

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