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Foot Locker grows second quarter sales

Foot Locker saw its total sales increase by 17.1% to $2.08 billion in its second quarter. In addition, comparable store sales rose by 18.6% in the three… View Article

FASHION

Foot Locker grows second quarter sales

Foot Locker saw its total sales increase by 17.1% to $2.08 billion in its second quarter.

In addition, comparable store sales rose by 18.6% in the three month period ending 1 August.

Meanwhile, net income came in at $45 million compared to $60 million in the corresponding period last year after  pre-tax charges for the wind down of the Runners Point banner and the restructuring of Eastbay and “costs incurred in connection with the recent social unrest” were included.

Richard Johnson, president and chief executive of Foot Locker, said: “Despite the challenging backdrop of the pandemic, and social unrest, we achieved strong second quarter results, led by our digital business, with a return to growth in both the top and bottom line.  As our global fleet of stores reopened, our customers responded with enthusiasm and energy to our assortments and visited our stores with a high intent to purchase.”

During the period, the company opened 18 new stores, refurbished or relocated 26, and closed 31.  As of 1 August, Foot Locker operated 3,100 stores in 27 countries in North America, Europe, Asia, Australia and New Zealand.  It also had 134 franchised stores were operating in the Middle East.

Lauren Peters, Foot Locker chief financial officer, said: “Looking ahead, we believe the company is well positioned financially to manoeuver through the evolving Covid-19 pandemic.”

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