Foot Locker Inc. reported lower first-quarter sales of 2.8 per cent to US $ 1.87 billion, which was in line with lower profits for the three months that ended on 4th May.
The Champs Sports banner had an 18.6 per cent decline in comparable sales during the quarter, according to the U.S. multi-brand shoe store, which reported a 1.8 per cent decline in comparable sales. Comparable sales of kids’ and global foot lockers rose by 1.1 per cent.
Compared to the same period last year, when net income was US $ 36 million, first quarter net income decreased to US $ 8 million.
“We had a solid start to the year, which demonstrates that our Lace Up Plan is working,” said Mary Dillon, president and chief executive officer.
With 4 new stores established and 37 closed in the first quarter, the company now has 2,490 locations worldwide across 26 countries in North America, Europe, Asia, Australia, and New Zealand. Furthermore, 206 franchised outlets were running in Asia and the Middle East.
This past week, Foot Locker debuted its brand-new Home Court retail concept in New York, with a store layout that highlights the company’s selection of basketball shoes.