From CNBC: 2024-05-30 07:17:31

Foot Locker’s turnaround is progressing with a smaller drop in sales, $1.88 billion revenue in Q1, and 22 cents EPS vs. 12 cents expected. CEO Mary Dillon credits “Lace Up Plan” success and new rewards program and mobile app. Net income was $8 million, down from $36 million in previous year. Sales dropped 3%.

Despite challenges with low-income consumers and partnerships, Champs Sports dragging down sales, Foot Locker is making progress. Nike CEO acknowledged previous missteps with wholesalers, now investing with partners. Average selling price increased, showing consumer willingness to pay full price for the right product. Dillon revamped stores, unveiling new format as fresh model.

CEO Mary Dillon expects Foot Locker to continue growing, boosted by strong response to new formats and emphasis on partnerships. Despite challenges with low-income consumers and mercurial brand partners, Foot Locker is optimistic about growth opportunities and ongoing transformation efforts.



Read more at CNBC: Foot Locker (FL) earnings Q1 2024