24.05.2019 22:33:00

Why Foot Locker, Lions Gate Entertainment, and The Buckle Slumped Today

Friday was a solid day on Wall Street, with most major market benchmarks finishing higher on the day. After a week of uncertainty about what will happen between the U.S. and China, market participants focused on the possibility of avoiding a full-blown trade war and returning to a more economically cooperative and prosperous relationship with key trading partners.Yet even with the broader market seeing good gains, some companies had bad news that sent their shares lower; Foot Locker (NYSE: FL), Lions Gate Entertainment (NYSE: LGF-A) (NYSE: LGF-B), and The Buckle (NYSE: BKE) were among the worst performers. Here's why they did so poorly.Shares of Foot Locker dropped 16% after the retailer of athletic footwear and apparel reported poor first-quarter results. Foot Locker said that revenue grew by less than 3% during the quarter compared to the year-earlier period, with a 4.6% rise in comparable-store sales offset by a modest decline in total store count. Net income also inched higher by 4% over the same time frame, but investors had hoped for more growth, even in the tough competitive environment the industry faces right now. To satisfy longer-term expectations, Foot Locker will have to find ways to step up its game.Continue reading
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