- Huw Hughes
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Foot Locker beat earnings estimates Friday reporting second-quarter
revenue of 2.08 billion dollars, up 17 percent from the prior-year
period.
The New York-based footwear retailer said those figures were boosted by
comparable-store sales which were up 18.6 percent in the quarter.
The company reported profit of 45 million dollars for the period, 25
percent lower than the prior-year period but still beating analysts’
estimates.
The figures include pre-tax charges of around 19 million dollars related
to the wind down of the Runners Point banner and the Eastbay restructuring,
as well as around 18 million dollars for “costs incurred in connection with
the recent social unrest”.
Foot Locker revenue up 17 percent
The company said it would be reinstating its 15 cent quarterly
dividend.
“I’m proud of the exceptional effort from our team this quarter,” Foot
locker CEO and president Richard Johnson said in a statement. “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.
“As the Covid-19 situation continues to evolve, we believe we have the
right strategies and strong leadership in place to strengthen our customer
connectivity, deepen our strategic relationships with our vendors, navigate
the challenges ahead, and emerge from this period better positioned than
ever.”
Photo credit: Foot Locker
