Abhoy Sarkar's Avatar
published in Blogs
Aug 21, 2022
Foot Locker (FL, $38.39) beats Q2 earnings expectations

Foot Locker (FL, $38.39) beats Q2 earnings expectations

Foot Locker's adjusted earnings for the three months ending In July plunged 50% from the year-ago quarter to $1.10 per share, but exceeded the Street consensus expectations of 81 cents per share.

Revenues decreased 9% to $2.065 billion, vs. analysts' estimates of a $2.07 billion. Same-store sales fell 10.3%.

For fiscal 2022, the company now projects  earnings in the range of $4.25 to $4.45 per share, down 15 cents from the higher end of its previous guidance.

Nike typically contributed around 75% of Foot Locker sales in a given year. But with the sneaker brand’s shift in focus towards direct-to-consumer sales and therefore bypassing retailers,  Foot Locker cautioned in February that Nike would likely only account for around 60% of sales this year.

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