Foot Locker's Stock Plummets on Lowered Sales Forecast and Earnings Miss.

Foot Locker's stock dropped 25% after the company cut its full-year sales outlook due to a "tough macroeconomic backdrop" causing same-store sales to lag behind last year. The footwear retailer now sees comparable store sales declining as much as 9% for the year after initially guiding for no worse than a 5.5% decline. Foot Locker's revenue has declined for four straight quarters, and other athletic apparel brands like Nike and Under Armour also declined on the news. The company is in the midst of its turnaround strategy dubbed 'Lace Up,' which includes closing 400 underperforming stores and focusing more on off-mall locations.