Specialty athletic retailer Foot Locker, Inc. (NYSE: FL) Wednesday announced financial results for the fourth quarter of 2023, reporting a decrease in adjusted earnings and a modest rise in revenues.
Total revenues moved up 2% annually to $2.38 billion in the fourth quarter. Excluding the effect of foreign exchange rate fluctuations, sales increased 1.5%. Comparable-store sales were down 0.7%.
The company reported a net loss of $389 million or $4.13 per share for the January quarter, on a reported basis, compared to net income of $19 million or $0.20 per share in the corresponding prior-year period. On an adjusted basis, earnings declined sharply to $0.38 per share in Q4 from $0.97 per share last year.
