Foot Locker sales up 18% for the second quarter

United States
Published:  17 August, 2020

In its latest financial update, the New York headquartered specialty athletic retailer reported comparable store sales up by approximately 18% for the second quarter.

Additionally, Foot Locker reported diluted earnings per share for the same period, which include pre-tax charges of approximately US$19 million related to the wind down of the Runners Point banner and the Eastbay restructuring, and approximately US$18 million for costs incurred in connection with the recent social unrest across the U.S..

"In the midst of the Covid-19 pandemic, our team delivered strong second-quarter results. As we continued to reopen stores throughout the quarter, we saw a strong customer response to our assortments, which we believe was aided by pent-up demand and the effect of fiscal stimulus. This fuelled our in-store sales and also drove continued momentum across our digital channels", said Richard Johnson, Chairman and CEO, Foot Locker. "Despite gross margin pressure from channel mix shift and a highly promotional environment, we were able to return to positive earnings per share due to the meaningful lift in top-line sales and disciplined expense management", added Lauren Peters, the company’s Executive Vice President and Chief Financial Officer.

The footwear company has approximately 3,100 retail stores in 27 countries across North America, Europe, Asia, Australia and New Zealand.

Foot Locker store in Malaysia