Foot Locker cuts forecast and suspends dividend as sales fall amid 'consumer softness'

Foot Locker reported falling sales and adjusted earnings in line with expectations for the second quarter.
The company swung to a net loss, cut its full-year guidance, and saw declines in same store sales and margins.
Shares plunged over 30% as Foot Locker suspended its dividend, lowered 2022 outlook, and cited high inflation and reduced consumer spending.
Foot Locker plans steeper discounts to compete for more price-sensitive shoppers during the back-to-school season.
The company's results and forecast revisions also dragged down shares of rival retailers Nike, Dick's Sporting Goods, Adidas and Puma.