Foot Locker reports Q1 FY20 sales of $1,176 mn

27 May '20

1 min read

Pic: Foot Locker

Foot Locker, a US-based specialty athletic retailer, reported 43.4 per cent sales decline to $1,176 million in the first quarter (Q1) FY20 that ended on May 2, 2020 compared to sales of $2,078 million in same period prior year. Company reported a net loss of $98 million in Q1 FY20 compared to net income of $172 million in same period prior year.

"Against the backdrop of the pandemic and our global store closures, our team has focused intently on controlling what we can in order to protect our business,” Richard Johnson, chairman and chief executive officer, said in a press release.

We have taken full advantage of the investments we have made in technology in recent years in order to stay connected with our customers and serve them online, worked aggressively to protect our financial position and flexibility, and taken actions to ensure we are well positioned to drive our business forward.”

Selling, general and administrative expenses for Q1 FY20 were $316 million (Q1 FY19: $416 million).

The Company opened 5 new stores, remodelled or relocated 9 stores, and permanently closed 21 stores during the quarter. As of May 2, 2020, the company operated 3,113 stores in 27 countries.

Fibre2Fashion News Desk (JL)

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