Market Overview

Foot Locker Stumbles On Q1 Miss

Foot Locker Stumbles On Q1 Miss

Foot Locker, Inc. (NYSE: FL) reported first-quarter earnings of $1.53 per share Friday, missing the analyst consensus estimate of $1.61 by 4.97 percent.

The figure is a 5.52-percent increase over earnings of $1.45 per share in the same period last year.

Foot Locker reported quarterly sales of $2.078 billion, missing the consensus estimate of $2.11 billion. 

During the quarter, Foot Locker said it opened 14 new stores, remodeled or relocated 13 stores and closed 34 stores.

Comps rose 4.6 percent, the retailer said. 

As of May 4, 2019, Foot Locker is operating 3,201 stores in 27 countries in North America, Europe, Asia, Australia and New Zealand.

In addition, 119 franchised Foot Locker stores are operating in the Middle East.

"Based on the momentum we have underway, we feel confident that the updated strategic imperatives we introduced at our Investor Day in March position us to deliver on our long-term goals," CEO Richard Johnson said in a statement. 

Foot Locker shares were falling 10 percent to $47.54 in premarket trading Friday. 

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Photo by Dwight Burdette/Wikimedia

Posted-In: Footwear retailEarnings News Best of Benzinga


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