Foot Locker, Inc. FL shares are diving today after it released second-quarter results.The company reported a second-quarter adjusted EPS loss of 5 cents, beating the analyst consensus estimate of a 7-cent loss and sales of $1.896 billion, beating the street view of $1.888 billion.The company reiterated fiscal 2024 sales change of (1%)-1%, or $8.072 billion to $8.236 billion vs. the consensus of $8.130 billion and adjusted EPS guidance of $1.50-$1.70 versus the $1.54 consensus.J.P.Morgan analyst Matthew R. B ...

Foot Locker delivered some positive surprises with its Q2 report, but the company also had some bad news for investors.Foot Locker (FL -10.61%) stock is falling in Wednesday's trading. The company's share price was down 12.3% as of 12:30 p.m. ET, according to data from S&P Global Market Intelligence.Foot Locker published second-quarter results before the market opened this morning and actually delivered results that beat Wall Street's expectations on most key fronts. But management paired the release with s ...

Financial Data and Key Metrics Changes - Total sales increased by 1.9%, with comparable sales (comps) up 2.6%, slightly ahead of prior guidance of flat to slightly positive [46][51] - Gross margin expanded by 50 basis points to 27.6%, with merchandise margins down 20 basis points but occupancy leverage contributing positively [46][47] - Non-GAAP earnings per share was a loss of $0.05, including a $0.09 impact from a non-recurring charge related to the FLX program [9][49] Business Line Data and Key Metrics Changes - Global Foot Locker and Kids Foot Locker banners led comps growth at 5.2%, while Champs Sports saw a comp decline of 3.9%, showing improvement from the previous quarter [8][39] - The apparel business faced challenges with comps down mid-teens, while accessories comped up mid-single digits [35][37] - Digital penetration increased to 15.9%, up 40 basis points year-over-year, with global digital comps up nearly 4% [25][37] Market Data and Key Metrics Changes - North America comps were up 1.7%, driven by Foot Locker North America at 5.9% [38] - Europe saw strong comps growth of 7.6%, while Asia-Pacific comps were down 4.5%, with Foot Locker banner down 2.2% [43][44] - WSS comps declined by 6.2%, impacted by inflationary pressures affecting discretionary spending [41] Company Strategy and Development Direction - The company is focused on its Lace Up Plan, which aims to simplify and optimize operations, including winding down underperforming banners and transitioning to a licensed model in certain regions [10][11] - Plans to relocate corporate headquarters to St. Petersburg, Florida, and open new stores in India, indicating a strategic shift towards higher growth markets [13][12] - The company aims for an EBIT margin target of 8.5% to 9% by 2028, with ongoing investments in technology and brand building [10][51] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in returning to positive sales and comp growth, with strong momentum heading into the back-to-school season [27][51] - The company anticipates continued gross margin expansion and is reaffirming its full-year non-GAAP EPS guidance of $1.50 to $1.70 [51][52] - Management acknowledged challenges in the consumer environment, particularly for lower-income households, but noted positive trends in customer engagement and loyalty [60][62] Other Important Information - The company completed 67 store refreshes in the second quarter, with plans to elevate approximately two-thirds of its global stores to the Reimagined brand standard by the end of 2025 [21][22] - The FLX rewards program saw 24% of sales through loyalty, up 200 basis points year-over-year, indicating strong customer engagement [24] Q&A Session Summary Question: What is driving the acceleration in comps while pulling back on promotions? - Management noted broad-based improvement across income cohorts and regions, with controlled inventories and better execution meeting customer needs [58][59] Question: Can you elaborate on the decisions regarding international operations? - Management emphasized simplification and optimization, focusing on markets with better growth potential and profitability, leading to the closure of certain operations [66][67] Question: How are gross margins tracking in North America? - Management indicated that while there are challenges in international and WSS, North American margins are progressing as planned, with expectations for meaningful acceleration in Q3 and Q4 [69][70]

Group 1 - Foot Locker reported a sales growth of 1.9% year-over-year, reaching $1.9 billion, slightly exceeding analyst expectations [1] - The company experienced a loss of 13 cents per share, compared to a loss of 5 cents per share a year earlier, which was wider than anticipated [1] - Foot Locker's shares fell nearly 13%, bringing the year-to-date decline to about 8% [1] Group 2 - Despite the sales growth, Foot Locker maintained its full-year guidance, expecting sales to range between a 1% increase and a 1% decrease from $8.15 billion in 2023 [2] - As part of its "Lace Up" plan, Foot Locker closed all stores and e-commerce operations in South Korea, Denmark, Norway, and Sweden, and transferred its presence in Greece and Romania to a European retail group [2] - The company plans to close approximately 30 of its 140 stores in the Asia Pacific region and 629 stores in Europe by mid-2025 [2]

FOOT LOCKER, INC. 5ECOND QUARTER 2024 EARNINGS RESULTS AUGUST 28, 2024 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This investor presentation includes "toruard-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can identified by the fact that they do not relate strictly to historical or current facts. They often include words such as "believes," "extimates," "intends," "intends," "int "seeks," "continues," "feels," "forecasts," ...

Foot Locker, Inc. (FL) posted second-quarter fiscal 2024 results, with both the bottom and top lines surpassing the Zacks Consensus Estimate. Also, revenues were above while earnings were below the year-ago quarter's level. The company lowered its margin guidance due to heightened promotional pressure.However, in the second quarter, the Lace Up Plan demonstrated its effectiveness by driving a return to positive total and comparable sales growth, along with gross margin expansion. Strong top-line trends were ...

For the quarter ended July 2024, Foot Locker (FL) reported revenue of $1.9 billion, up 1.9% over the same period last year. EPS came in at -$0.05, compared to $0.04 in the year-ago quarter.The reported revenue represents a surprise of +0.89% over the Zacks Consensus Estimate of $1.88 billion. With the consensus EPS estimate being -$0.08, the EPS surprise was +37.50%.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expecta ...

Shares of Abercrombie & Fitch Co (NYSE:ANF) and Foot Locker Inc (NYSE:FL) are gapping lower after the retailers' respective second-quarter earnings reports. Though the former beat top- and bottom-line estimates and lifted its current-quarter outlook, its CEO also warned of an "increasingly uncertain environment." Meanwhile, the latter shared a revenue miss.ANF was last seen down 14.8% to trade at $141.96, on track for its worst day since May 2022. Shares are also gapping back below their 40-day moving avera ...

Foot Locker (FL) came out with a quarterly loss of $0.05 per share versus the Zacks Consensus Estimate of a loss of $0.08. This compares to earnings of $0.04 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 37.50%. A quarter ago, it was expected that this shoe store would post earnings of $0.12 per share when it actually produced earnings of $0.22, delivering a surprise of 83.33%.Over the last four quarters, the company has sur ...

Second Quarter Results N E W S R E L E A S E Contacts: Kate Fitzsimons Investor Relations ir@footlocker.com Dana Yacyk Corporate Communications mediarelations@footlocker.com FOOT LOCKER, INC. REPORTS SECOND QUARTER 2024 FINANCIAL RESULTS; REAFFIRMS 2024 OUTLOOK; ANNOUNCES STRATEGIC UPDATES IN SUPPORT OF LACE UP PLAN ● Returned to Topline Growth with Total Sales Up 1.9% and Comparable Sales Up 2.6% ● Achieved Gross Margin Expansion of 50 Basis Points Year-over-Year ● Loss of $0.13 per Share and Non-GAAP Loss ...