18.6 C
New York
Monday, June 17, 2024

Buy now

Foot Locker multiplies the profit in the second quarter by nine, up to 366 million

The chain of stores specialized in sports clothing and footwear Foot Locker registered a net profit of 430 million dollars (366 million euros) in the second fiscal quarter, ended on July 31, compared to 45 million dollars (38 million euros). euros) earned in the same period of the previous year.

According to the quarterly accounts published by the company this Friday, the store chain’s turnover grew 9.5% in absolute figures and 6.9% in comparable data, which exclude the impact of the exchange rate and variations in the accounting perimeter of the company, up to 2,275 million dollars (1,937 million euros).

“This quarter reflects strong results in our women’s and children’s footwear business, along with broad demand for our apparel and accessories offerings, which combined with more limited promotional activity, led to outstanding results in revenue and earnings,” said Richard Johnson, President and CEO.

“Many of the trends we saw in the first quarter continued into the second quarter, with the combination of strong demand and tight inventory driving significantly lower levels of promotional activity and resulting in a gross margin of 35.1%, in compared to 25.9% in the prior year period, “added Andrew Page, executive vice president and chief financial officer.

Thus, in the first half of its fiscal year, Foot Locker obtained a net profit of 632 million dollars (538 million euros), compared to losses of 65 million dollars (55 million euros) recorded in the first half. of 2020, while its sales grew by 36%, to 4,428 million dollars (3,770 million euros).

Compared to its position as of January 30, Foot Locker has opened 28 new stores and closed another 115, reducing the number of stores in the chain to 2,911 stores.

“We came out of the quarter with positive momentum and we are cautiously optimistic about the outlook for the second half of 2021,” added Page.

Related Articles


Please enter your comment!
Please enter your name here

Stay Connected

- Advertisement -spot_img

Latest Articles