American specialty retailer Foot Locker posts FY20 sales of $7.5 bn

13 Apr '21

2 min read

Pic: Shutterstock

Foot Locker Inc, a US-based specialty athletic retailer, has reported 5.7 per cent decrease in its sales to $7.5 billion during the complete fiscal 2020 that ended on January 30, 2021 compared to the sales of $8.0 billion in the previous fiscal. The company’s net income for the reported year slipped to $323 million (FY19: $491 million).

“Despite the challenging macro backdrop of Covid-related store closures and supply chain congestion, we delivered strong bottom-line results in the fourth quarter,” Richard Johnson, chairman and chief executive officer at Foot Locker, said in a press release. “Our customers responded well to our solid product offering and exciting holiday campaign, which drove stronger margins and continued acceleration of our digital business.”

Cost of sales for FY20 was $5.3 billion ($5.4 billion), while selling, general & administrative expenses were $1.5 billion ($1.6 million). The company’s income from operations dropped to $303 million ($649 million).

As of January 30, 2021, the company operated 2,998 stores in 28 countries in North America, Europe, Asia, Australia, and New Zealand. In addition, 127 franchised Foot Locker stores were operating in the Middle East, as company stated in the release.

“Based on the resiliency we have shown over the course of 2020, I am looking forward with renewed optimism as we continue to advance our long-term strategies and build value for all our stakeholders,” Johnson said.

Fibre2Fashion News Desk (JL)

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