FL Earnings: Foot Locker Q2 adjusted profit drops as sales decline 9%

Shoe store chain Foot Locker (NYSE: FL) reported lower sales and earnings for the second quarter of 2022. There was a sharp decline in comparable store sales.

Second-quarter earnings, adjusted for special items, dropped to $1.10 per share from $2.09 per share in the same period of last year. Unadjusted profit plunged to $94 million or $0.99 per share from $430 million or $4.09 per share in the second quarter of 2021.

The bottom line was negatively impacted by a 9% decrease in net sales to $2.07 billion. Comparable store sales declined 10.3%, continuing the recent downtrend.

Check this space to read management/analysts’ comments on Foot Locker’s Q1 2022 results

“Despite an increasingly challenging macroeconomic backdrop, we delivered a solid quarter against the favorable fiscal stimulus and promotional environment from last year. Driven by strong execution from our team and ongoing progress against our key objectives, we grew our sales 16.4% above levels from 2019,” said Richard Johnson, chief executive officer of Foot Locker.

Prior Performance