Editor
Shares of Foot Locker Inc plunged 25 percent premarket on Friday after the footwear retailer cut its annual sales and profit forecasts, reeling under a sharp drop in demand and a hit from heavy discounts aimed at clearing excess inventories.
The company also missed Wall Street estimates for its first-quarter results and named former Kohl’s Corp executive Mike Baughn its new finance chief, effective June 12.
US consumers have sharply cut back…
