Foot Locker was Cool in 1980, But Not Today

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.