Foot Locker gains as disciplined expense management fuels earnings beat

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Foot Locker gains as disciplined expense management fuels earnings beat

However, revenue fell slightly short of expectations at $1.87 billion against a consensus of $1.89 billion. The New York-based athletic retailer also reaffirmed its full-year 2024 adjusted EPS guidance of $1.50-$1.70, aligning with the midpoint above the analyst consensus of $1.57.

Despite total sales dipping by 2.8% from the same quarter last year and comparable sales decreasing by 1.8%, the company managed to increase global Foot Locker and Kids Foot Locker comparable sales by 1.1%. Dillon highlighted the company's disciplined expense management and favorable shifts in expense timing as key factors contributing to the earnings outperformance.

Dillon expressed confidence in the"Lace Up" plan, which focuses on strengthening brand partnerships, enhancing customer engagement, and solidifying Foot Locker's position in sneaker culture. She also noted the company's investment in store refreshes and the introduction of a new retail concept, with more openings planned for the year.

 

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