Foot Locker’s comparable-store sales rose 0.8%, but management predicted a decline.
Photograph by Christopher Dilts/Bloomberg
Shares of Foot Locker plummeted 16% in premarket trading after its earnings beat expectations, but management predicted declines in both revenue and comparable-store sales.
Net income for the shoe-store company declined to $103 million from $123 million for its fiscal fourth quarter, ended Jan. 29. The company posted earnings of $1.02 a share, a decrease from $1.17 a share last year.
Adjusted earnings per share were $1.67. Analysts had forecast adjusted earnings of $1.44 a share, according to FactSet.
Revenue grew to $2.34 billion from $2.19 billion last year. Analysts were expecting to see a revenue of $2.32 billion. Comparable-store sales grew by 0.8% in the quarter.
Foot Locker
‘s guidance was downbeat. Management expects revenue to be down 4% to 6% for 2022 and comparable-store sales to decline 8% to 10%.
Write to Logan Moore at [email protected]
