FL
Foot Locker Inc
Q2 2024 Report
Foot Locker Inc. (FL) Q2 2024: Navigating Market Challenges with Strategic Optimism...
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Executive Summary
Foot Locker Inc. reported its third quarter 2024 financial results, showing a total revenue of $1.961 billion, a slight increase from the previous year but falling short of expectations due to a challenging promotional environment and cautious consumer spending. The company's adjusted earnings per share (EPS) grew to $0.33, up from $0.30 a year ago; however, this was below their guidance of approximately $0.40. Key developments included a positive comp sales growth of 2.4% across major banners, driven by strong performance from Foot Locker and Kid Foot Locker. Management has refined full-year guidance downward amid ongoing uncertainty, anticipating a more promotional holiday season. Despite these challenges, Foot Locker’s initiatives under the Lace Up Plan are yielding results in brand positioning and inventory management.
Key Performance Indicators
Revenue
1.96B
QoQ: 3.21% | YoY:4.36%
Gross Profit
583.00M
29.73% margin
QoQ: 10.63% | YoY:18.26%
Operating Income
12.00M
QoQ: -233.33% | YoY:-62.50%
Net Income
-33.00M
QoQ: 175.00% | YoY:-512.50%
EPS
-0.35
QoQ: 169.23% | YoY:-512.25%
Revenue Trend
Margin Analysis
Key Insights
- **Revenue:** $1.961 billion, a 4.36% YoY increase
- **Gross Profit:** $583 million, up 18.26% YoY
- **Net Income:** -$33 million, worsening from last year
- **EBIT Margin:** 0.06%
- **Non-GAAP EPS:** $0.33, up from $0.30 but below guidance