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Foot Locker earnings come up short after weak start to February
BUZ INVESTORS Foot Locker earnings Foot Locker Inc. shares (FL), -15.40% tumbled 8% in premarket trade Friday, after the sporting goods retailer posted weaker-than-expected earnings for the first quarter. Foot Locker said it had net income of $180 million, or $1.36 a share, in the first quarter, down from $191 million, or 1.39 a share, in the year-earlier period. The sports goods retailer said sales rose 0.7% to $2.00 billion. The FactSet consensus was for EPS of $1.38 and sales of $2.02 billion. Same-store sales rose 0.5%, also below the FactSet consensus of up 1.4%. “The first quarter was one of our most profitable quarters ever, but it did fall short of our original expectations,” Chief Executive Richard Johnson said in a statement.
Foot Locker earnings
Foot Locker (NYSE:(FL) reports comparable-store sales rose 0.5% in Q1.
Excluding the effect of foreign currency fluctuations, sales increased 1.8% for the quarter.
Gross margin rate down 100 bps to 34%.
SG&A expense rate up 30 bps to 18.5%.
Merchandise inventories +1.5% Y/Y to $1.28B.
Store count -9 Q/Q to 3,354.
FL -0.07% premarket.
|Industry:||Manufacturing – Apparel & Furniture » Footwear & Accessories NAICS: 448210 SIC: 5661|
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|Traded in other countries:||WOO.Germany, FOOTL.Netherlands,|
Foot Locker Inc is a retailer of athletically inspired shoes and apparel, operating mall-based stores in the United States, Canada, Europe, Australia and New Zealand.
Foot Locker operates thousands of retail stores throughout the United States, Canada, Europe, Australia, and New Zealand. It also has one franchisee in the Middle East and one in South Korea, each of which operates multiple stores in those regions. The company mainly sells athletically inspired shoes and apparel. Foot Locker’s merchandise comes from only a few suppliers, with Nike providing the majority. Store names include Foot Locker, Champs, and Runners Point. The company also has an e-commerce business selling through Footlocker.com, Eastbay, and Final-Score.
Guru Investment Theses on Foot Locker Inc
Keeley Asset Management Comments on Foot Locker Inc. – Oct 24, 2016
For the third quarter, Foot Locker, Inc. (NYSE:FL) was the Fund’s leading performer, returning over 24% and contributing 36 basis points in performance. The company reported a strong second quarter, with both earnings per share and same-store sales beating consensus estimates. This came after a slight same-store sales growth disappointment in the first quarter and seemed to reverse what had been deteriorating sentiment about Foot Locker. In our view, this is a positive change from the first quarter, when same-store sales growth fell short, prompting a selloff. Foot Locker also bought back over 3 million shares, taking advantage of its relatively low share price. The company also benefited from a number of recent basketball shoe launches (Air Jordan, Stephen Curry, Kevin Durant, LeBron James models).