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Foot Locker ups FY outlook as Q3 results beat expectations

By Huw Hughes

Nov 21, 2022

Business

Image: Foot Locker Inc.

Foot Locker has upped its full-year guidance after reporting a smaller than expected drop in sales and profit in the third quarter of the year.

The New York-based athletic retailer posted sales of 2.2 billion dollars in the three months to October 29, down 0.7 percent on a reported basis, but up 3.3 percent on a constant currency basis.

The company made a net income of 96 million dollars, down from 158 million dollars a year ago.

President and CEO Mary Dillon told investors: “Foot Locker's solid third quarter results in the midst of ongoing macroeconomic challenges are a testament to the strengths of this organization that I am honored to now be leading.

“Despite the tough environment, our expanding customer base remained resilient, and I'm proud that our team delivered sales above our expectations, thanks to their exceptional execution.”

Foot Locker updates FY guidance

The company upped its full-year outlook based on its third-quarter results.

Foot Locker now expects sales to drop by between 4 percent and 5 percent year-on-year, compared to its previous guidance of between 6 percent and 7 percent.

It expects non-GAAP earnings per share of between 4.42 dollars and 4.5 dollars, up from its previous guidance of between 4.25 dollars and 4.45 dollars.

Foot Locker opened a total of 24 new stores in the third quarter, remodelled or relocated 23 stores, and closed 29 stores.

As of the end of the quarter, Foot Locker operated 2,794 stores across 28 countries in North America, Europe, Asia, Australia, and New Zealand, as well as 155 franchised stores.

Foot Locker