Foot Locker Turnaround Shows Signs of Life as Sales Stabilize

Bloomberg05-30

Foot Locker Inc. reported earnings that surpassed expectations as the sneaker retailer tries to get back on pace with its turnaround plan.Profit, excluding some items, was 22 cents a share, almost ...

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Comparable store sales, a key retail metric, fell 1.8% for the quarter ended May 4. That was slightly better than Wall Street’s expectation of a 1.9% drop.Foot Locker’s turnaround effort lost momentum in March when executives delayed their growth plan to hit $9.5 billion in annual sales by two years to 2028. That left investors worried about the retailer’s progress, and its shares sank about 30%. But now it appears on more solid footing as it reaffirmed its sales and profit outlook for this year.Chief Executive Officer Mary Dillon is looking to diversify the retailer’s brand offerings, expand loyalty programs and open new store formats. Foot Locker unveiled a new retail store concept in New Jersey in April, with hopes that revitalized shops will attract more shoppers. It plans to roll out the design in New York, Paris, Melbourne and Delhi later this year.Shares rose as much as 26.4% in morning trading on Thursday morning in New York. The stock had been down nearly 28% this year through Wednesday’s close.Foot Locker is not alone in posting uneven results. The athletic-gear sector has mostly struggled this year. Nike Inc. is cutting $2 billion in costs and laying off 2% of its workforce, Lululemon Athletica Inc. reported a slowdown in its US business and Under Armour Inc.’s weak sales have led to a restructuring. 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