Foot Locker lowers full-year outlook again, pauses dividend as 2Q sales fall on cautious consumers

Foot Locker is cutting its full-year outlook again and pausing its quarterly dividend as sales dropped in its fiscal second quarter with consumers continuing to be more cautious about their purchases. Shares tumbled more than 27% before the market open on Wednesday. The footwear and clothing retailer said quarterly sales declined to $1.86 billion from $2.07 billion. That’s short of the $1.88 billion that analysts polled by Zacks Investment Research were calling for. Same-store sales, a key indicator of a retailer’s health, dropped 9.4% in the quarter.