Sunday December 3, 2023

E-Commerce Drives Foot Locker’s $2.15B Quarter

  • Foot Locker Inc. has taken another step in the right direction.
  • The footwear retailer reported a Q1 that beat estimates.
Foot Locker/Design: Alex Brooks
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Riding serious momentum from its online sales, Foot Locker reported $2.15 billion in Q1 revenue Friday — an 83.1% increase year-over-year

The quarter beat analyst estimates of $1.92 billion. 

Foot Locker also reported Q1 net income of $202 million after a net loss of $110 million for the same period last year. 

“Our merchandise offering resonated very well with our customers, driving strength in our stores and continued momentum in our digital business,” said Foot Locker CEO Richard Johnson. 

The company has more than 2,900 brick-and-mortar locations worldwide but e-commerce is the reason it’s thriving.

Foot Locker reported digital sales were up 47% year-over-year for the first quarter. 

Only 12 new Foot Locker locations opened in Q1, while 58 closed. The company will convert approximately one-third of its Footaction stores into Foot Lockers in Q2 2021 and shutter the remaining two-thirds by 2023.  

Foot Locker acquired Footaction and 350 of its stores from now-defunct shoe retailer Footstar for $160 million in 2004.

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