New York City Foot Locker on Thursday reported a break-even performance, as lower operating expenses failed to fully offset a decline in same-store sales.
For the quarter ended Aug. 1, the company reported no profit, compared with year-ago earnings of $18 million. Revenue declined 16% to $1.10 billion from $1.30 billion, hurt by exchange rates and a 12.1% decline in same-store sales.
The results missed the expectations of analysts.
"Until we see enduring signs of a pick-up in overall consumer spending, we plan to continue to control the key controllables of our business, with an objective of reducing our operating expenses and optimizing inventory management," CEO Matthew D. Serra said in a statement.
Selling, general and administrative expenses declined to $530 million from $598 million.