Foot Locker Q4 Profit Plunges, Sees Weak Results In FY23 – Quick Facts

Foot Locker, Inc. (FL), a specialty athletic retailer, reported Monday that its fourth-quarter net income decreased to $19 million from last year’s $103 million. Earnings per share were $0.20, down from $1.02 a year ago.

Adjusted net income was $92 million or $0.97 per share, compared to $148 million or $1.46 per share in 2021.

On average, 19 analysts polled by Thomson Reuters expected earnings of $0.51 per share for the quarter. Analysts’ estimates typically exclude special items.

Total sales decreased 0.3 percent to $2.33 billion from $2.34 billion a year ago. Total sales increased 3.6 percent at constant exchange rates. Comparable-store sales grew 4.2 percents.

Analysts expected sales of $2.15 billion for the quarter.

Further, the Board of Directors declared a quarterly cash dividend on its stock of $0.40 per share, which will be payable on April 28, to shareholders of record on April 14.

Looking ahead for fiscal 2023, which includes the 53rd week, the company projects adjusted earnings per share of $3.35 to $3.65 including $0.15 from the extra week. Analysts expect earnings of $4.15 per share for the new year. In fiscal 2022, adjusted earnings were $4.95 per share.

The company expects annual sales to be down 3.5 percent to 5.5 percent including around 1 percent from the extra week, and comparable sales to be down 3.5 percent to 5.5 percent.

Beyond 2023, new strategies are expected to drive low- to mid-twenties adjusted earnings per share growth.

Over the long-term, for fiscal years 2024 through 2026, total sales would grow 5 percent to 6 percent and comparable sales would grow 3 percent to 4 percent.

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