Foot Locker reported Friday that first-quarter revenue rose 1%, partially offset by a 2% decline in comparable sales.

 

The New York-based company said total sales reached $2175 million (€2053.37 million) in the quarter ended April 30, compared with $2153 million (€2032.60 million) in the corresponding period a year earlier.

The company announced net income of $133 million (€125.56 million) or $1.37 (€1.29) per share for the 13-week period, compared to net income of $202 million (€190.70 million) or $1.93 (€1.82) per share.

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«We are off to a strong start in 2022, posting a solid quarter in the face of tough fiscal stimulus comparisons and historically low promotions last year,» said Richard Johnson, president and chief executive officer.

«We continue to make progress in expanding and enriching our assortment to meet our customers’ demand. These efforts helped drive our strong first-quarter results, and we believe they will enable us to participate more fully in our category’s solid growth going forward,» he added.

First-quarter comparable store sales declined 1.9%, with apparel significantly outpacing footwear, the company said, adding that it opened 24 new stores, remodeled or relocated 23 stores, and closed 67 stores during the quarter.

«As we elevate the brands in our portfolio, continue to use our real estate flexibility to optimize our footprint and develop our omnichannel capabilities, we are excited about our improved ability to expand our customer base and fuel our consumers’ desire for self-expression,» Johnson said.

Looking ahead, Foot Locker said it expects adjusted earnings for the fiscal year to be at the high end of the forecast, $4.25 to $4.60 (€4.01 to €4.34) per share. It expects sales to increase by 4% to 6%.

«Following our strong first quarter results, our solid inventory position going into the remainder of the year and strengthening our supplier relationships, based on our current visibility, we now expect to achieve the high end of our full-year revenue and earnings guidance.»

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