Foot Locker’s sales trends continue to be a real problem child as total sales and comps both registered high-single-digit declines for the quarter ended July 29. Much of the sales decline came from Champs which comped down in strong double-digits in the quarter on repositioning pain.
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Foot Locker, Inc. Posts Q2 Loss, Cuts Outlook as Sales Fall and Margins Contract
The retailer is pausing its cash dividend payments in the fall after reporting sharp Q2 declines in total sales and comp sales, a loss in GAAP net income, slimmer margins, and a business that reportedly softened further in July.
Report: Foot Locker Declined Yeezy Restock Sales Over PR Concerns
Foot Locker is reportedly declining to sell Yeezy shoes during Adidas’ sale of its remaining inventory over fears of a public backlash.
Foot Locker to Open First Store in Thailand
Foot Locker reported it is ready to open its first retail store in Thailand after transferring its operations in Singapore and Malaysia to MAP Active earlier this year.
Zumiez, Inc. Appoints Foot Locker, Inc. Vet to Board
Zumiez, Inc. appointed Guy M. Harkless to its Board of Directors to serve as an independent Class II director for a term expiring at the company’s 2025 annual meeting of shareholders. Harkless will also serve on Zumiez Audit Committee.
EXEC: Foot Locker Sees Little Near-Term Relief From Promotional Pressures
Speaking Wednesday at the Bernstein Strategic Decisions Conference, Foot Locker officials said elevated inventory levels across the marketplace and consumer caution are now driving promotional activity above pre-pandemic levels with margin pressures expected to continue through 2023.
Foot Locker’s Debt Ratings Outlook Lowered To Negative
S&P Global Ratings lowered its outlook on Foot Locker to negative from stable as the sneaker chain lowered its full-year guidance due to a combination of inflationary pressures, higher-than-expected discounting initiatives and weak consumer spending.
EXEC: Shares Of Nike Under Pressure Following Foot Locker’s Outlook Cut
Shares of Nike remained under pressure on Monday following the arrival of Foot Locker’s subpar first quarter and the sneaker retailer’s move to slash its outlook for the year. Some analysts also expressed concerns about broader weakness in the U.S. athletic space.
EXEC: Foot Locker Sees Downgrades Following Weak Outlook
Foot Locker saw stock downgrades from Citi and Williams Trading on Monday following its first-quarter miss and move to significantly reduce its full-year guidance. Some analysts were still hopeful that improved Nike allocations and benefits from its new Lace Up transformation plan would eventually pay dividends.
EXEC: Foot Locker’s Shares Tank On Major Outlook Correction
Shares of Foot Locker, Inc. collapsed about 25 percent in mid-day trading Friday after the sneaker giant axed its guidance for the year and indicated it will miss medium-term targets only set in March as sales have dropped sharply below expectations. Mary Dillon, CEO and president, told analysts, “Since our Investor Day in the face of increasing macro headwinds, our sales trends have slowed significantly, just in the past month and a half, which will have an impact on our near-term results.”
Foot Locker Slashes 2022 Guidance On Weakening Sales
Foot Locker, Inc. reported first-quarter results came in below Wall Street targets and significantly reduced the retailer’s 2023 outlook as sales “softened meaningfully” since March. The chain also named a new chief financial officer.
Foot Locker Names Nike Exec To Lead WSS Banner
Foot Locker, Inc. hired Blanca Gonzalez as senior vice president and general manager of its WSS banner, effective May 15. Gonzales joins Foot Locker from Nike, Inc., where she was the vice president of North America product merchandising.
Amer Sports Hires Foot Locker Veteran As CFO
Amer Sports hired Andrew Page, former CFO for Foot Locker, as Group CFO of Amer Sports and a member to its executive committee. Page reports to Board Executive Director and CEO James Zheng.
Melody Ehsani Leaving Role As Foot Locker Women Creative Director
Melody Ehsani, CEO of the Melody Ehsani brand and creative director at Foot Locker Women, is leaving her role at Foot Locker.
EXEC: Foot Locker Touts Benefits Of Multi-Brand Retailing
At the JP Morgan Retail Round Up Conference, Mary Dillon, Foot Locker’s CEO, said while Foot Locker expects to resume growth with Nike by holiday 2023, Foot Locker’s position as a multi-brand retailer will be key to capitalizing on the broadening sneaker opportunity. She said, “Being a multi-branded retailer matters because consumers want choice and they love to shop across brands.”
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