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Foot Locker, Inc (NYSE:FL) stock tumbled in the premarket session on Thursday. The company reported a second-quarter adjusted EPS loss of 5 cents, beating the analyst consensus estimate of 7-cent loss. Quarterly sales of $1.896 billion beat the street view of $1.888 billion.
Also Read: Goldman Sachs Highlights Foot Locker's Digital Rebound And Costco's New Membership Crackdown
Total sales increased 1.9% year over year. The comparable sales grew by 2.6%, which was led by 5.2% growth in global Foot Locker and Kids Foot Locker comparable sales.
During the quarter, the company opened five new stores and closed 31. It also remodeled or relocated 14 stores and updated 67 stores to current design standards. Inventory decreased 10.0% year over year.
Foot Locker's gross margin increased by 50 basis points, including a 40-basis point drag from the non-recurring FLX Rewards Program charge. Quarterly adjusted net loss was $(4) million, compared with $4 million profit in the corresponding prior-year period.
At quarter-end, the company's cash and cash equivalents totaled $291 million, while total debt was $445 million.
As of August 3, the company operated 2,464 stores in 26 countries in North America, Europe, Asia, Australia, and New Zealand.
In addition, 213 franchised stores were operating in the Middle East and Asia.
CEO Mary Dillon: "The Lace Up Plan is working, as evidenced by our return to positive total and comparable sales growth as well as gross margin expansion in the second quarter. Our top line trends strengthened as we moved through the quarter, including a solid start to Back-to-School."
Outlook: The company reiterated fiscal 2024 adjusted EPS guidance of $1.50-$1.70 versus the $1.54 consensus.
Foot Locker maintained sales change of (1%)-1% in fiscal 2024 year over year, or $8.072 billion—$8.236 billion versus the consensus of $8.130 billion.
Gross Margin guidance stands at 29.5%- 29.7% (prior 29.8%- 30.0%) to reflect promotional pressure in international and WSS.
Foot Locker stock has gained over 77% in the last 12 months.
Price Action: FL stock traded lower by 8.11% to $30.15 premarket at the last check on Wednesday.
Photo by Sorbis via Shutterstock
Posted In: FL
