Foot Locker Q1 Profit Down, Tops Estimates; Updates FY22 Outlook - Quick Facts

(RTTNews) - Specialty athletic retailer Foot Locker, Inc. (FL) reported Friday that its first-quarter net income attributable to the company declined to $133 million or $1.37 per share from prior year's $202 million or $1.93 per share.

Adjusted net income was $155 million, compared to $205 million last year. Adjusted earnings per share were $1.60, compared to $1.96 a year ago.

On average, 19 analysts polled by Thomson Reuters expected earnings of $1.55 per share for the quarter. Analysts' estimates typically exclude special items.

Total sales, however, increased 1 percent to $2.175 billion from $2.153 billion in the first quarter of 2021. Total sales increased 3 percent at constant exchange rates. Analysts expected sales of $2.21 billion.

First-quarter comparable-store sales decreased 1.9 percent, with apparel significantly outpacing footwear.

Looking ahead, the company said it now expects to achieve the upper end of revenue and earnings guidance for the full year 2022.

Sales is now expected at the upper end of down 4 percent to 6 percent, and comparable sales growth at the upper end of down 8 percent to 10 percent targets.

In pre-market activity, Foot Locker shares were trading at $31.64, up 4.42 percent.