Foot Locker Sales, Net Drop in Holiday Quarter
Big Foot’s final quarter gave notice that the end of the pandemic may have been greatly exaggerated, as net income slipped 8% in the final quarter to $123 million from $134 million on revenues that inched down to $2,189 million from $2,221 million including a -2.7% comp. E-commerce was up 44% while stores comped down 12%. The bottom line included $59 million of one-time charges, mostly for impairment of underperforming stores, against $49 million last year, and adjusted net income was $163 million down from $171 million. Foot Locker is still reluctant to provide forward guidance, noting that 10% of ... Log in to view full article.