This Friday morning before market open, American retailer in athlete apparel and footwear, Foot Locker (NYSE: FL), reported Q1 earnings of $1.39 EPS, which is in-line of consensus estimates, and revenue of $1.99B (+3.6% Year to Year) that missed analysts’ expectations of $2.09B.
The company had a net income of $191 Million, a huge milestone for the company as it’s their All-Time High and their comparable-store sales increased 2.9%.
During their first quarter, Foot Locker opened 32 new stores, remodeled or relocated 55 stores, and closed 19 stores. As of April 30, 2016, the Company operated 3,396 stores in 23 countries in North America, Europe, Australia, and New Zealand. In addition, 49 franchised Foot Locker stores were operating in the Middle East and South Korea, as well as 15 franchised Runners Point stores in Germany.
“We produced the most profitable quarter in the Company’s long history, an accomplishment of which everyone at Foot Locker, Inc. should be very proud,” said Richard Johnson, Chairman of the Board and Chief Executive Officer. “Our team navigated well through a variety of challenges, not least of which were rapidly-shifting product category preferences by our customers, to achieve our 25th consecutive quarter of meaningful sales and profit increases over the prior year. Never has it been more apparent how important is the work that we have done to build leadership positions across channels, geographies, banners, and product categories.”
Shares of Foot Locker were down over 5% as of Friday afternoon.