Foot Locker was Cool in 1980, But Not Today
Submitted by Steve Reeves on Mon, 11/23/2009 - 20:45
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S&P downgraded Foot Locker's (NYSE:FL) corporate credit rating to B+, expecting the company to continue to have "ongoing performance difficulty."
After continuing negative same-store sales you just have to wonder who still buys shoes there intentionally? If you're in the mall -- okay, but its not like you head to Foot Locker because its money in the bank?
Today Foot Locker (FL) shares are down 2.3% and trading just above $10 a share. In the last 30 days Foot Locker shares have dropped 13%.
Earlier this month, FL said it swung to a fiscal third-quarter loss as larger write-downs and weakness in U.S. sales hurt the bottom line, although margins ticked up. Same-store sales fell 8.2%.
Like shoes? Try free shipping and buy them online at Zappos.com. Its not a plug for the website (now owned by Amazon.com (AMZN)), these days all we care about is convenience, welcome to the web 2.0.
Disclaimer: No positions in any of the securities mentioned in this publication.
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