Foot Locker (FL) Q1 2022 earnings drop but beat estimates, sales rise

Shoe store chain Foot Locker (NYSE: FL) reported mixed results for the first quarter of 2022. Earnings decreased from last year but topped expectations, while net sales missed the Street view.

First-quarter earnings, adjusted for one-off items, declined to $1.60 per share from $1.96 per share in the same period of 2021. However, the latest number surpassed Wall Street’s prediction. Unadjusted net income dropped to $133 million or $1.37 per share from $202 million or $1.93 per share a year earlier.

The New York-based company reported net sales of $2.18 billion, up 1% from the prior-year period when it reported sales of $2.15 billion. The top line missed the consensus forecast.

“Our progress in broadening and enriching our assortment continues, as we continue to meet our customers’ demand for choice. These efforts helped drive our strong results in the first quarter, and we believe will allow us to more fully participate in the robust growth of our category going forward,” said Foot Locker’s CEO Richard Johnson.

Prior Performance