Foot Locker Beats Estimates With $2.28B Quarter

Foot Locker has taken another big step, according to its latest earnings report. 

The American sportswear and footwear retailer generated $2.28 billion in revenue in Q2 2021, a 9.5% increase compared to the same period a year prior. 

Foot Locker surpassed Wall Street estimates of $2.09 billion in revenue. 

“This quarter reflects strong results in our women’s and kids’ footwear business along with broad demand for our apparel and accessories offerings,” said CEO Richard Johnson. 

Foot Locker continues to diversify and expand its reach. 

• Earlier this month, it announced the acquisition of athletic retailer WSS, formerly known as Warehouse Shoe Sale, for $750 million in cash. 
• The same day, the company announced its acquisition of streetwear and sneaker shop Atmos for $350 million. 
• It invested $36 million in its store fleet, digital capabilities, supply chain, and other infrastructure during Q2 2021. 

Foot Locker has more than 2,900 brick-and-mortar locations worldwide. It will add 93 locations in the U.S. following the purchase of WSS; Atmos adds another 49 across the U.S. and Japan. 

The company is also converting approximately one-third of its Footaction stores into Foot Lockers and will shutter the remaining two-thirds by 2023.

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