Foot Locker was able to crush Wall Street’s expectations in Q1 of 2018.
According to SGB Online, Foot Locker’s market shares reached $1.45 per share, well over Wall Street’s estimate of just $1.25 per share. And while first quarter comparable-store sales decreased 2.8 percent, Wall Street’s comparison called for a decrease of 3.9 percent — more than one point lower.
In addition, total first quarter sales increased 1.2% to a total of $2.03 billion. Again, Wall Street had Foot Locker pegged at $1.96 billion, a little ways off the mark.
“The flow of premium product continues to improve, with increasing breadth and depth in the most sought-after styles from our key vendors,” Richard Johnson, chairman and CEO of Foot Locker, said in a statement. “This led to first quarter results which were above our expectations. With the strength of our strategic vendor partnerships and our central position in youth culture, we continue to believe that we are poised to inflect to positive comparable-store sales growth as we progress through the year.”
Foot Locker opened 11 new stores in the first quarter, remodeled or relocated 43 stores, and closed 37 stores. According to SGB, as of May 5, 2018, the company operated 3,284 stores in 24 countries in North America, Europe, Australia, and New Zealand.
Source: SGB Media