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Foot Locker Q2 comparable store sales up

Published: August 11, 2020
Author: Patanjal Kumar

Foot Locker has reported an 18 percent increase in comparable store sales for the second quarter ending 1 August.

The New York-based footwear retailer said diluted earnings per share for the quarter are expected to be 0.38 to 0.42 dollars per share versus 0.55 dollars per share last year.

Those 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”.

“In the midst of the Covid pandemic, our team delivered strong second-quarter results,” said CEO Richard Johnson in a statement. “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 fueled our in-store sales and also drove continued momentum across our digital channels.

“While these undoubtedly remain challenging times, we are nonetheless pleased by the health of our category, our deep connections with our customers, and the strength of our vendor relationships.”

Executive vice president and chief financial officer Lauren Peters added: “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.”

Foot Locker is set to report its Q2 results on 21 August.

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