Specialty athletic retailer Foot Locker, Inc. (NYSE: FL) reported its financial results for the quarter ended May 2, 2020, on Friday before the market opens. The results missed analysts’ expectations.
The company slipped to a loss in the first quarter of 2020 from a profit last year, due to a 43% dip in the top-line. Comparable-store sales decreased by 42.8%. During the first quarter, the company opened 5 new stores, remodeled or relocated 9 stores, and permanently closed 21 stores.
The company has taken actions to preserve cash and increase liquidity. The board has decided to temporarily suspend the cash dividend beginning with the Q2 payment. The Board will continue to evaluate the dividend policy on a quarterly basis. As previously disclosed on April 22, the company also temporarily suspended its share repurchase program.
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