Sportswear and footwear retailer, Foot Locker projects its comparable sales will rise between 1 per cent and 2.5 per cent in 2025. The company plans to either open or convert additional 80 reimagined stores by the end of the year.
In Q4, FY24, Foot Locker’s sales declined by 5.8 per cent to $2,243 million as compared to sales worth $2,380 million in Q3, FY23.
The retailer’s comparable sales increased by 2.6 per cent during the quarter. The combined comparable sales of its brands Foot Locker and Kids Foot Locker rose by 3.6 per cent while sales of Champs Sports expanded by 1.8 per cent. However, these gains were partially offset by the 3.3 per cent decline in comparable sales of WSS.
Foot Locker’s net income from continuing operations increased to $55 million during the quarter as against a net loss of $389 million in the prior-year period.Foot Locker opened seven new stores while closing 47 stores during the quarer. It either remodeled or relocated 21 of its stores while renovating 160 stores to updated design standards.
The company currently operates 2,410 stores in 26 countries across North America, Europe, Asia, Australia, and New Zealand, as well as 224 licensed stores in the Middle East, Europe, and Asia.
In Q4, FY24, Foot Locker exceeded its previously revised expections with investments and execution driving positive comparable sales and also improving gross margins compared to the prior year, says Mary Dillon, President and CEO.
Enhancing its in-store experience for customers, Foot Locker introduced reimagined doors and store refresh program in 2024. The company upgraded its digital and mobile capabilities, expanded engagement with the FLX Rewards Program, and enaged into brand building through compelling campaigns and partnerships, adds Dillion.
