Foot Locker stumbles taking Nike and Under Armour with it

Athletic apparel retailer, Foot Locker posted earnings per share of $0.62 on revenue of $1.7bn for the second quarter, falling short of analyst projections of an EPS of $0.90 on sales of $1.8bn.

Same-store sales had been forecast to rise 1% but fell 6% year-on-year.

Chief executive, Richard Johnson said, "Sales of some recent top styles fell well short of our expectations and impacted this quarter's results. At the same time, we were affected by the limited availability of innovative new products in the market."

As a result of the lackluster results Footlocker posted, shares in Nike and Under Armour each dropped 3% in premarket trading.

"We are obviously disappointed in the results for the quarter, and our team is working quickly to adjust our operations to a changed retail landscape in which we are seeing our consumers move faster than ever from one source of inspiration or influence to another," said Johnson.

Foot Locker closed 21.87% lower on the day at $47.70.