Foot Locker says developing 'Plan B' in case recent sales trends continue
Says experienced "unprecedented challenges" early in the quarter, did not quite succeed in "raising the bar higher." Says shoppers "change shopping and buying habits quickly." Says comp sales in February were down low teens, March rebounded to be up high single digits, April wound up with very high single digit increase. Says company expected April to finish up low double digits, but last few weeks of quarter "were strong, but not quite as strong as we anticipated." Says sales trending a bit lower than expected over the last few weeks. Says developing a "Plan B" in case recent sales trends continue; Plan B focused on controlling expenses, inventory in order to achieve mid single digit EPS increase, excluding the 53rd week, for FY17 even if top line growth is more modest than originally planned. Expects traffic to normalize over balance of year.