The New York-based athletic retailer said it plans to close about 110 stores this year, eliminating the ones that are underperforming. Last year, Foot Locker closed 147 stores worldwide, and opened 94 new locations, leaving with a total of 3,310 retail stores around the world.
“The disruption that has characterized the retail industry recently is not going away,” Foot Locker CEO Richard Johnson said in a statement. “Consumers want experiences, they want cool products and they want it all fast.”
Foot Locker reported Friday fourth-quarter 2017 net sales were down $49 million, or $0.40 per share.
In comparison, fourth-quarter 2016 net sales were $189 million, or $1.42 per share.
The company’s stock dropped more than 13 percent following earnings on Friday morning, Business Insider reported.
Johnson went on to say that the decline in mall traffic in recent years and the closing of major anchor stores like Sears and Macy’s have greatly affected Foot Locker’s performance.
However, company heads remain optimistic about Foot Locker’s prospects moving forward. Revenue for the 2017 reached a record $7.78 billion.
“Looking ahead, with the product and other strategic initiatives we have underway, we believe we are positioned well, both organizationally and financially, to successfully transform our business to continue inspiring and serving an exceptionally dynamic youth culture, for generations to come,” Johnson said.