11:47 AM EDT, 08/28/2024 (MT Newswires) -- (Updates with the stock change in the first paragraph and adds gross margin guidance in the fourth paragraph.)

Foot Locker ( FL ) shares slumped 13% in recent Wednesday trading after the company posted a fiscal Q2 adjusted loss and cut its full-year gross margin outlook.

In the quarter ended Aug. 3, the loss of $0.05 per diluted share compared with adjusted earnings of $0.04 per a year earlier, the company said Wednesday. Analysts polled by Capital IQ expected a loss of $0.07.

Revenue rose to $1.9 billion from $1.86 billion a year earlier. Analysts polled by Capital IQ expected $1.89 billion.

The company lowered its gross margin guidance for fiscal 2024 to a range of 29.5% to 29.7% from 29.8% to 30%.

The company reiterated its full-year forecast for adjusted EPS of $1.50 to $1.70 with a sales change of down 1% to up 1%. Analysts polled by Capital IQ expect EPS of $1.54 on revenue of $8.15 billion.

Price: 28.53, Change: -4.28, Percent Change: -13.04