Foot Locker , Inc. (NYSE: FL ) reported a steady first quarter, with non-GAAP earnings per share (EPS) of $0.22, meeting market expectations.
Despite a 1.8% decrease in comparable sales, the company showed positive trends in its Foot Locker and Kids Foot Locker banners and is optimistic about future growth. The company reaffirmed its full-year non-GAAP EPS guidance of $1.
50 to $1.70 and expects to see a return to positive comp growth and EBIT margin expansion. Key Takeaways Non-GAAP EPS of $0.
22 in line with expectations. Comparable sales down 1.8%; Champs Sports repositioning impacted by 220 basis points.
Foot Locker and Kids Foot Locker banners increased comps by 1.1%. Full-year non-GAAP EPS guidance remains at $1.
50 to $1.70. The company is executing its Lace Up plan, focusing on expanding sneaker culture and customer relationships.
New retail formats now represent 16% of global square footage. Store Refresh program underway, with 13 refreshes completed in Q1. Aiming for 20% of global square footage in new retail formats by 2026.
Digital transformation in progress with a goal of 25% e-commerce penetration by 2026. Company Outlook Foot Locker expects positive comp growth and EBIT margin expansion for the full year. The company anticipates an improvement in underlying gross margin rate sequentially from Q1.
Full-year non-GAAP EPS guidance of $1.50 to $1.70 is reiterated.
The company plans to refresh approximately two-thirds of global Foot Locker and Kids Foot Locker stores b.