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Foot Locker's Q1 comparable sales drop 2.8 percent

By Prachi Singh

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Business

Foot Locker, Inc’s net income for the first quarter ended May 5, 2018 was 165 million dollars or 1.38 dollar per share, compared to 180 million dollars or 1.36 dollar per share in the same period of fiscal 2017. First quarter comparable-store sales decreased 2.8 percent, while sales increased 1.2 percent to 2,025 million dollars. Excluding the effect of foreign exchange rate fluctuations, total sales decreased 1.5 percent.

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“The flow of premium product continues to improve, with increasing breadth and depth in the most sought after styles from our key vendors,” said Richard Johnson, Foot Locker’s Chairman and CEO in a statement, adding, “This led to first quarter results which were above our expectations.”

The company’s gross margin rate decreased to 32.9 percent from 34 percent a year ago, while the SG&A expense rate increased to 19 percent from 18.5 percent in the first quarter of 2017, primarily reflecting the significant investments the company is making in its digital operations.

During the first quarter, Foot Locker opened 11 new stores, remodelled or relocated 43 stores, and closed 37 stores. As of May 5, 2018, the company operated 3,284 stores in 24 countries in North America, Europe, Australia, and New Zealand. In addition, 105 franchised Foot Locker stores were operating in the Middle East, as well as 11 franchised Runners Point stores in Germany.

Picture:Facebook/Foot Locker

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