With sneakers a hot item this summer, Foot Locker’s second quarter sales increased 17.1%, to $2.077 billion, compared to the same period last year. Athletic footwear sales were down as much as 50% in March and April, but rebounded in May and were up 25% in June, according to NPD Group.
At the core of the company’s second quarter success was a 173% increase in sales from its direct-to-consumer channels, offsetting a 7.6% decline of in-store sales. DTC sales made up 33.2% of total sales, up from 14.3% in the same quarter last year.
While the company didn’t provide projections for the rest of 2020, the quarter was solid enough for the Foot Locker board of directors to reinstate its quarterly dividend program of $0.15 per share.
Notable earnings reports this week:
8/25: Anta Sports
8/26: Dick’s Sporting Goods