World Footwear

Companies

Foot Locker rising revenue

Dec 3, 2019 United States
Foot Locker rising revenue
The athletic footwear retail chain has reported revenue of almost 5.8 billion US dollars in the first nine months of the year, an increase of 2% compared to the previous year
“We are pleased with our performance in the quarter, which reflects the success of our strategic focus on building even deeper connections with our customers and further strengthening relationships with our vendors”, commented Richard Johnson, Chairman and Chief Executive Officer, adding: “Across the company, we are making great strides in implementing our four strategic imperatives, which are designed to ensure we are best positioned to compete in the retail marketplace by  inspiring  and  empowering  youth  culture  while  also  strengthening  our  bottom  line  and  driving  value  for  our shareholders.”

Lauren Peters, Executive Vice President and Chief Financial Officer, concluded: “The strong results we delivered in the quarter reflect our work to drive the top line, while continuing to strengthen our operational execution, as reflected in our improved gross margin, SG&A, and inventory productivity. As we enter the all-important holiday selling season, we will remain focused on execution to continue to position us to achieve our long-term financial objectives.”

Third Quarter Results

Total third quarter sales increased by 3.9%, totalling 1.932 billion US dollars, compared to sales of 1.860 billion US dollars for similar period in the prior year. Excluding the effect of foreign exchange rate fluctuations, total sales for the third quarter of 2019 increased by 5.1%.

Net income for Foot Locker in the third quarter of 2019 totalled 125 million US dollars, or 1.16 US dollars per share, compared to net income of 130 million US dollars, or 1.14 US dollars per share, in the corresponding prior-year period. 

First Nine Months

Year-to-date sales totalled 5.784 billion, an increase of 2.1% compared to sales of 5.667 billion in the corresponding nine-month period of 2018. Year-to-date, comparable store sales increased by 3.8%, while total year-to-date sales, excluding the effect of foreign currency fluctuations, increased by 3.6%.

Net income for Foot Lockers’ first nine months of the year reached 357 million US dollars, or 3.23 US dollars per share on a GAAP basis, compared to net income of 383 million US dollars, or 3.28 US dollars per share, for similar period in 2018.


Store Base Update

During the third quarter, Foot Locker opened 11 new stores, remodelled or relocated 34 stores, and closed 25 stores. As of the 2nd of November 2019, Foot Locker operated 3 160 stores in 27 countries in North America, Europe, Asia, Australia, and New Zealand. In addition, 128 franchised Foot Locker stores were operating in the Middle East, as well as 10 franchised Runners Point stores in Germany.

Image credits: waitfashion.com

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