Foot Locker reduces its sales and profit forecasts

Foot Locker has dropped its annual sales forecast and expects revenues to fall between 7.5 percent to nine percent rather than its previous guidance of a 3.5 percent to 5.5 percent decline. The sneaker retailer also now expects earnings to come in between $2 and $2.25 a share compared to its original estimate of $3.35-$3.65