Market Updates
Foot Locker Same Store Sales Fell 10%
Scott Peters
19 Aug, 2022
New York City
Foot Locker, Inc soared 19.8% to $38.28 after the athletic footwear and apparel retailer posted better-than-expected results and announced the appointment of a new chief executive officer.
Richard Johnson will be replaced by Mary Dillon, former chief executive of Ulta Beauty on September 1.
Second quarter sales declined 9.2% to $2.07 billion from $2.28 billion a year ago and net income plunged to $94 million from $430 million a year ago.
Diluted earnings per share fell to 99 cents from $4.09 a year ago.
Comparable same store sales fell 10.3% from a year ago.
Foot Locker revised its full-year sales growth outlook to decline in the range between 6% and 7% from the previous outlook of near the upper end of the 4% to 6% decline.
The company repurchased $40 million of its stock in the quarter.
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