Executives now expect a second-quarter loss of between 17 centsand 20 cents per share due to the clearance of merchandiseinventory. Their previous estimate for the period, which will bereported Aug. 22, was a gain of 15 cents to 20 cents.
After store closures, management predicts profitable resultsstarting next year. Additionally, the company is ramping up itsFoot Locker Europe division, with plans to open 30 stores on thecontinent next year.
In May, Foot Locker withdrew a $51-per-share bid to acquirefootwear retailer and wholesaler Genesco after that company hadrefused the offer. Foot Locker competitor Finish Line ended upmaking a successful $2.8-billion bid that was agreed up lastmonth.
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