Foot Locker kept a steady pace in the company’s latest earnings report.
The sportswear and footwear retailer generated $2.18 billion in Q1 2022, a 1% increase year-over-year, narrowly missing analysts’ estimates of $2.2 billion in sales for the quarter.
- Net income reached $133 million in Q1, compared to $202 million in Q1 2021.
- Comparable-store sales fell by 1.9% compared to the same period last year.
- Shares of the company dropped over 30% in 2022 prior to the latest earnings report.
Foot Locker, which operates 2,815 brick-and-mortar locations in 28 countries, opened 24 new stores and remodeled or relocated 23 stores in Q1, but closed 67 locations.
The retailer is converting approximately one-third of its Footaction stores into Foot Lockers with plans to shutter the remaining stores by 2023.
Foot Locker acquired Footaction and 350 of its stores from now-defunct retailer Footstar for $160 million in 2004.
Time of Change
Earlier this month, Foot Locker announced a strategic deal with Adidas to increase the sale of products from the German sportswear company at its stores, as Nike reduces its presence at the retailer.
The Oregon-based company is selling more of its products directly to consumers.
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