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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Sergey Savastiouk|Expert

Sergey Savastiouk, Ph.D. has a degree in Applied Mathematics from Moscow University and has extensive experience as an entrepreneur, investor, manager, and mathematician. His professional expertise is in applied mathematics, mathematical modeling, system and pattern analysis, and software and hardware system integration. He has served as the CEO of several hi-tech start-up companies and nonprofit organizations, which has given him proven capabilities in business strategy for high-tech start-up companies, market assessment, company formation, team building, product development, marketing, and sales. He has published numerous articles in journals and magazines on related fields. As a retail investor, he spent 15 years developing his proprietary trading and quantitative algorithms (now Tickeron’s A.I.), which brought him significant returns in trading the stock market. His current work and goal in founding Tickeron is to bring professional, sophisticated stock market analysis capabilities to retail investors via an easy-to-use interface.