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Article: West Nyack, N.Y.-Based Retailer Slashes Earnings Forecast.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- August 30, 2002
CopyrightCOPYRIGHT 2002 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Kevin G. DeMarrais, The Record, Hackensack, N.J. Knight Ridder/Tribune Business News
Aug. 30--Footstar Inc. was forced to slash its earnings forecast Thursday, a victim of Ames Department Store Inc.'s closing and slow August sales.
The retailer, which is based in West Nyack, N.Y., said sales of athletic shoes at the company's Footaction stores fell far below expectations in August.
Sales at stores open for at least a year -- a key indicator of retailer success -- fell 5.1 percent, the company said.
Footstar said it now expects third-quarter profit of 55 cents to 60 cents a share, before costs related to the closure of shoe ...