Want more from Front Office Sports
in your search results?
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.
Download the FOS App
The business of sports, in your pocket.
Scan the QR code to get the app now.
