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.