From CNBC: 2024-08-28 06:48:37

Foot Locker reports first growth in comparable sales in six quarters, with same-store sales up 2.6% in fiscal second quarter, beating analyst expectations. CEO Mary Dillon highlights success of “The Lace Up Plan” turnaround strategy. Company posts a loss of 5 cents per share, compared to 7 cents expected, with $1.90 billion in revenue.

Despite improvements, Foot Locker maintains sales guidance for current fiscal year to be flat or slightly up and adjusted earnings per share between $1.50-$1.70. CEO Mary Dillon’s efforts to streamline operations have led to store closures in multiple regions. Company plans to relocate global headquarters to St. Petersburg, Florida, reducing costs.

Foot Locker’s Champs banner, previously underperforming, is showing signs of recovery with a 3.9% decline in comparable sales. As consumer spending patterns evolve, Foot Locker adjusts strategies to improve sales across stores and online. Share price up 5% this year, in contrast to Nike’s 21% decline. CEO confident in company’s future growth and shareholder value.



Read more at CNBC: Foot Locker (FL) earnings Q2 2024