Foot Locker Inc. (NYSE: FL ) reported a slight decline in comparable sales of 1.8% for the first quarter of 2024, which was anticipated by market expectations.
Despite the drop in sales, the company experienced improvements in average unit retail prices, gross margins, and a moderation in markdown levels. Non-GAAP earnings per share stood at $0.22, thanks to disciplined expense management.
Foot Locker is focused on achieving positive comparable sales growth and expanding its EBIT margin within the current fiscal year. Strategic initiatives under the Lace Up plan are being implemented, including the expansion of sneaker culture, portfolio enhancement, and deepening customer connections. The company also introduced a new retail concept in New Jersey, with plans to open four more locations throughout the year.
Key Takeaways Foot Locker reported a 1.8% decline in comparable sales but saw improvements in average unit retail prices and gross margins. Non-GAAP earnings per share reached $0.
22, reflecting the company's disciplined approach to managing expenses. Strategic initiatives, such as the Lace Up plan, are underway to drive growth and customer engagement. The company is expanding its physical presence with a new retail concept and enhancing its off-mall footprint.
Champs Sports is repositioning as a major apparel partner for New Balance, indicating a strategic shift towards sports style. The company remains committed to its full-year non-GAAP EPS guidance of $1.50 to $1.
70 and.