The Q1, FY24 net profit of sportswear and footwear retail chain, Foot Locker plunged by 77.8 per cent to $8 million compared to the same period in 2023.

The company’s net sales decreased by 2.7 per cent in absolute figures and 1.8 per cent in comparable sales to $1.874 billion during the quarter. This decline excludes the impact of currency exchange and changes in the company's accounting scope.

Regionwise, Foot Locker registered a 1.4 per cent decline in sales to $1.369 billion in Ameriica while its sales Europe, the Middle East and Africa (EMEA) remained stable at $394 million (€364 million). The company’s sales in the Asia-Pacific region, however, dwindled by 23.4 per cent to $111 million.

For the full fiscal year, Foot Locker anticipates sales to either decline or grow by a single percentage point. The company’s robust performance during the first quarter of the year demonstrates the success of its ‘Lace Up’ plan, says Mary Dillon, President and CEO. This strategic plan positions the company for sustainable growth and value creation for shareholders, she adds.