(Finance) – Foot Lockera US company specializing in the sale of sportswear and footwear, has registered a Net income of $ 133 million, or $ 1.37 per share, for the quarter ended April 30, 2022, compared to net income of $ 202 million, or $ 1.93 per share, for the same period last year. The gross margin it decreased by 80 basis points from the previous year period, driven by higher supply chain costs and slightly higher discounts than historical levels.
The comparable sales they fell by 1.9%, with clothing significantly outpacing footwear. The total sales increased by 1% to $ 2,175 million. Excluding the effect of exchange rate fluctuations, total sales for the first quarter increased by 3%.
L’adjusted quarterly profit was $ 1.60 per share, 5 cents above analyst estimates. Revenues were slightly below market expectations, while comparable sales fell less than half what analysts expected.
“Are got off to a great start in 2022posting a solid quarter compared to difficult comparisons between fiscal stimulus and promotions at an all-time low last year, ”he said Richard Johnson, president and chief executive officer – Our progress in expanding and enriching our assortment continues. ”“ We continue to use our real estate flexibility to optimize our footprint and evolve our omnichannel capabilities, ”he added.
The company now plans to achieve the upper limit of revenue and profit forecasts for the whole year. Total sales are expected in the high end of the -4% to -6% range, while adjusted earnings per share are expected to be in the high end of the $ 4.25 to $ 4.60 range.