Foot Locker, Inc. (NYSE: FL) Wednesday reported a decline in profit for the first three months of fiscal 2024 when revenues decreased 3% year-over-year.
Revenues of the specialty athletic retailer decreased 3% annually to $1.87 billion in the first quarter. Excluding the effect of foreign exchange rate fluctuations, sales dropped 2.4%. Comparable-store sales were down 1.8%.
The company reported net income of $8 million or $0.09 per share for the April quarter, on a reported basis, compared to $36 million or $0.38 per share in the corresponding prior-year period. On an adjusted basis, earnings declined sharply to $0.22 per share in Q1 from $0.70 per share last year.