US retailer Foot Locker reported net sales of $1.87 billion in Q1FY24

Comparable sales declined 1.8 percent, with an impact of 220 basis points due to the continued repositioning of the Champs Sports banner. However, global comparable sales for Foot Locker and Kids Locker products grew 1.1 percent, Foot Locker said in a press release.

Foot Locker reported Q1 FY24 sales decline 2.8% to $1.87 billion, with comparable sales declining 1.8%. Global sales of Foot Locker and kids Foot Locker products increased by 1.1%. Gross margin decreased by 120 basis points. Net income dropped to $8 million and EPS was $0.09. The company’s non-GAAP net income was $21 million and EPS was $0.22.

The company’s gross margin decreased by 120 basis points compared to the prior-year period. Additionally, selling, general and administrative expenses as a percentage of sales increased 220 basis points year-over-year.

Foot Locker reported net income of $8 million for the first quarter compared to $36 million in the same period last year. On a non-GAAP basis, net income was $21 million, compared to $66 million in Q1 FY23. Earnings per share (EPS) for the quarter were $0.09, compared to $0.38 this year same period last year. On a non-GAAP basis, EPS decreased to $0.22 from $0.70 in the same period last year period.

“We have started the year well, which shows that our Lace Up Plan is working. We achieved comparable sales results and gross margin in line with our expectations, while earnings per share were better thanks to disciplined expense management and some favorable cost changes. Importantly, we are well prepared for the upcoming summer and back-to-school season with a fresh assortment, so we are pleased we can confirm our forecast for the whole year,” he said. Mary Dillon, president and CEO.

Fiber2Fashion Information Desk (DP)