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Friday, July 19, 2024
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Foot Locker Posts Flat First Quarter

  • The retailer generated $2.18 billion in Q1 2022, a 1% increase year-over-year.
  • Net income reached $133 million in Q1, compared to $202 million in Q1 2021.
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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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