Foot Locker Q4 Adj. Profit Declines

(RTTNews) - Foot Locker, Inc. (FL) posted a fourth quarter net loss of $389 million, compared with net income of $19 million, a year ago. Loss per share was $4.13, compared with profit per share of $0.20. Fourth quarter results included a $0.12 contribution from the 53rd week of 2023. Adjusted earnings per share declined to $0.38 from $0.97, prior year. On average, 17 analysts polled by Thomson Reuters expected the company to report profit per share of $0.32, for the quarter. Analysts' estimates typically exclude special items.

Fourth quarter total sales inclusive of the 53rd week increased by 2.0%, to $2.38 billion. Excluding the effect of foreign exchange rate fluctuations, total sales for the fourth quarter increased by 1.5%. Comparable sales decreased by 0.7%. Analysts on average had estimated $2.28 billion in revenue.

For 2024, the company expects: non-GAAP EPS in a range of $1.50-$1.70; and comparable sales growth in a range of 1.0 to 3.0%.

Mike Baughn, CFO, said: "We maintain conviction in the longer-term earnings potential that our Lace Up plan will generate and reiterate the 8.5-9% EBIT margin target communicated at our March 2023 Investor Day. Given our lower starting point exiting 2023, we expect a two-year delay in achieving that goal and now see reaching that target by 2028."

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