Foot Locker, Inc. (NYSE: FL), a leading footwear and apparel retailer, on Wednesday reported an increase in adjusted profit for the fourth quarter of 2024. Earnings exceeded Wall Street’s estimates, while sales missed.
Net sales decreased 6% annually to $2.24 billion in the fourth quarter and fell short of expectations. Excluding the effect of foreign exchange rate fluctuations, total sales decreased by 4.6%.
On an adjusted basis, earnings increased to $0.86 per share in the January quarter from $0.38 per share in the year-ago quarter, surpassing estimates. On an unadjusted basis, net income was $49 million or $0.51 per share in Q4, compared to a loss of $389 million or $4.13 per share in the corresponding prior-year period.