Foot Locker: A Race To Exit After Q1 Miss

Foot Locker, Inc. FL shares are trading lower by $11.70, nearly 17 percent, at $58.75 in Friday's session.

The catalyst for the decline is a Q1 miss of $0.02 along with a sales miss of $19 million. Comps were up 5 percent, but that isn't having any impact on the price action.

After a lower open, Foot Locker's stock managed a $0.90 bounce to $61.40 before continuing its move lower. So far, the ensuing decline has taken the stock to $58.13 and is not far off that level.

That marks the lowest level for the stock since August 2016, when bottomed at $57.38.