Foot Locker shares plummet 33% as revenues weaken

The company warned in May that revenue had slowed as US shoppers reined in discretionary spending

Foot Locker expects to see revenue declines worsening to as much as 9%, after sales softened in July. 

Shares in Foot Locker slumped by almost a third after the retailer posted earnings that fell short of analyst expectations amid concern over weakening spending patterns. The retailer also suspended its dividend.

The footwear chain now expects to see revenue declines worsening to as much as 9%, after sales softened in July.