Apparel store chain Foot Locker, Inc. (NYSE: FL) on Friday announced financial results for the first quarter of 2023, reporting lower sales and earnings.
First-quarter sales declined 11% to $1.93 billion from $2.18 billion in the same period of last year. The top line was affected by a 9.1% fall in comparable store sales.
Net income, adjusted for special items, dropped to $0.70 per share in the three-month period from $1.60 per share last year. Unadjusted profit came in at $36 million or $0.38 per share, down from last year’s profit of $133 million or $1.37 per share.
“Coming off the recent launch of our Lace Up Strategy at our Investor Day in March, we are making early progress in building a strong foundation to return to sustainable growth beyond this year,” said Mary Dillon, chief executive officer of Foot Locker.