Foot Locker raises after-quarter guidance as comparable sales grow

Foot Locker loses 33 on Nike strategy change

(Tiper Stock Exchange) – Foot Lockera US company specializing in the sale of sportswear and footwear, registered a Net income of $96 million, or $1.01 for actionthird quarter ended October 29, 2022, compared to $158 million, or $1.52 per share, for the year-ago period. On an adjusted basisthe company earned $1.27 a share ($1.74 a year ago).

The comparable sales they increased 0.8% from last year’s record levels, driven by strong demand, brand diversification efforts and better access to high-quality inventories. The total sales they decreased by 0.7%, to 2,173 million dollars. Excluding the effect of exchange rates, total sales increased by 3.3%. Gross margin decreased 270 basis points.

“Following better-than-expected results for the third quarter and strong momentum from the quarter, we are raising our forecast for the fourth quarter and the full year – commented the CFO Andrew Page “While the macroeconomic environment remains uncertain, our demand trends and inventory position in high-quality products give us confidence that we can roll into our new range, while remaining flexible to manage continued volatility.”

The company is now ready Full-year total sales down 4% to 5% (versus earlier estimates for a decline of 6% to 7%), while adjusted earnings per share are expected to settle in the range of $4.42 to $4.50 ( against previous expectations in a range between $4.25 and $5.45).

tlb-finance