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Top related persons:
Locker - 1 Foot - 1 Mike Baughn - 1 Foot Locker - 1 Mary Dillon - 1 Dillon - 1 Ulta - 1 Locker eked - 1
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LSEG - 1 Sports - 1 Foot - 1 NBA - 1 Nike - 1 Dick's Sporting Goods - 1 CNBC PRO - 1

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3 mentions found


☆ Foot Locker shares drop more than 10% after heavy promotions lead to holiday-quarter losses
  + stars: | 2024-03-06 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com   time to read: +5 min
The Foot Locker logo is displayed in a store on May 19, 2023 in San Francisco, California. Foot Locker lost $389 million, or $4.13 per share, compared with income of $19 million, or 20 cents per share, a year earlier. Comparable sales at Foot Locker and Kids Foot Locker in North America increased 5.2%It's been a little over a year since Dillon took the helm of Foot Locker. During its fiscal third quarter, Foot Locker eked out surprise beats on the top and bottom lines. During the fourth quarter, Foot Locker opened 29 new stores, remodeled or relocated 66 locations, and closed 113 stores.
Persons: Locker, Foot, Mike Baughn, Foot Locker, Mary Dillon, Dillon, Ulta, Locker eked, Jordan Brand Organizations: LSEG, Sports, Foot, NBA, Nike, Dick's Sporting Goods, CNBC PRO Locations: San Francisco , California, markdowns, North America, India, Indianapolis
☆ Foot Locker slumps as weak demand, heavy discounts drive annual outlook cut
  + stars: | 2023-05-19 | by ( Deborah Mary Sophia | ) www.reuters.com   time to read: +2 min
May 19 (Reuters) - Foot Locker Inc's (FL.N) shares closed down 27% on Friday as the footwear retailer cut its annual sales and profit forecasts amid a sharp drop in demand and a hit from heavy discounts aimed at clearing excess inventories. The company also missed analysts' estimates for first-quarter results and named former Kohl's Corp (KSS.N) executive Mike Baughn as its new finance chief, effective June 12. Foot Locker doubled down on discounts to drive demand, which coupled with an increase in theft-related inventory losses led to a 400-basis point hit to the company's quarterly gross margins. Foot Locker now expects full-year comparable sales to fall between 7.5% and 9.0%. The company also forecast annual adjusted per-share earnings between $2.00 and $2.25, compared with its previous outlook of $3.35 to $3.65.
☆ Foot Locker slumps as weak demand, heavy discounts drive annual forecast cut
  + stars: | 2023-05-19 | by ( ) www.reuters.com   time to read: +2 min
May 19 (Reuters) - Shares of Foot Locker Inc (FL.N) plunged 25% premarket on Friday, after the footwear retailer cut its annual sales and profit forecasts reeling under a sharp drop in demand and a hit from heavy discounts aimed at clearing excess inventories. This dented sales at a wide range of companies, including big-box retailer Target Corp (TGT.N) and home improvement chain Home Depot (HD.N). Foot Locker doubled down on promotions and markdowns to drive demand at its stores, which, coupled with a rise in theft-related inventory "shrink", dealt a 400-basis-point hit to its quarterly gross margin. It also expects adjusted earnings of between $2.00 to $2.25 per share, much lower than the $3.35-$3.65 range estimated previously. Excluding items, Foot Locker earned 70 cents per share, which was also below estimates of 81 cents per share.
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