New York-based athletic retailer Foot Locker, Inc. has reported lower sales for the first quarter ended May 5.

Sales decreased 3.6% to $1,316 million compared with $1,365 million for the corresponding prior-year period, whilst comparable store sales fell 5.1% 

Net income fell to $17 million, significantly lower than the $59 million reported in the comparable period a year earlier.

Reflecting on the disappointing performance, chairman and CEO Matthew Serra stated, “Our first quarter financial results reflected a weak performance in each of our US businesses partially offset by a solid profit increase at our international operations,” adding, “Because of the disappointing sales at our US stores, we increased our promotional posture to help clear older goods and reduce inventory levels.  As a result, our gross margin in our US store businesses fell significantly short of our plan.”

During the quarter the company, which operates 3,930 stores in 20 countries, opened 61 new stores, remodelled/relocated 65 stores and closed 73 stores.