Specialty athletic retailer Foot Locker, Inc. (FL) reported Wednesday that net loss for the second quarter widened to $12 million or $0.13 per share from $5 million or $0.05 per share in the prior-year quarter.
Excluding items, adjusted loss for the quarter was $0.05 per share, compared to adjusted net income of $0.04 per share in the year-ago quarter.
On average, 17 analysts polled by Thomson Reuters expected the company to report a loss of $0.07 per share for the quarter. Analysts' estimates typically exclude special items.
Total sales for the quarter grew 1.9 percent to $1.90 billion from $1.86 billion in the same quarter last year. Excluding the effect of foreign exchange rate fluctuations, total sales grew 2.5 percent. Comparable-store sales increased 2.6 percent. Analysts expected revenues of $1.89 billion for the quarter.
Looking ahead to fiscal 2024, the company still projects adjusted earnings in a range $1.50 to $1.70 per share on net sales change between a decline of 1.0 and an increase of 1.0 percent, with comparable sales growth of 1.0 to 3.0 percent.
The Street is looking for earnings of $1.54 per share on net sales decline of 0.4 percent to $8.13 billion for the year.
As part of its Lace Up Plan and ongoing efforts to simplify its business model and focus on core banners and regions, the company is closing its stores and ecommerce operations in South Korea, Denmark, Norway, and Sweden.
These actions will result in the closure or transfer of operations for approximately 30 stores of the Company's 140 stores in Asia Pacific and 629 stores in Europe. These changes are expected to be completed by mid-2025.
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June 19, 2026 16:46 ET Major central banks continued to dominate the economic news flow this week too, led by the Federal Reserve, as they announced their latest policy decisions. The Federal Reserve policy session was in focus as it was the first to be led by the new chief Kevin Warsh. In Europe, central banks of the U.K. and Switzerland announced their rate decisions. In Asia, the Bank of Japan drew attention for its policy moves, while data out of China threw some light on the state of the economy.