Foot Locker sees more than 850% jump in net income for Q2

Published:  31 August, 2021

The New York headquartered athletic retailer reported net income of US$430 million for the second quarter of the current financial year, up from US$45 million in the same period last year.

Total sales increased by 9.5% year-on-year, 7.3% when excluding the effect of foreign exchange rate fluctuations. As compared to the second quarter of 2019, total sales increased 28.2%.

The company stated that these strong results reflect improvements in the women’s and kid’s footwear categories as well as demand for its apparel and accessories offerings. Profits were also affected by a reduction in promotional activities.

Foot Locker invested US$36 million into its store fleet, digital capabilities, supply chain and other infrastructure improvements in the second quarter, and announced two strategic acquisitions, WSS and atmos, which are expected to close toward the end of the third quarter of 2021.