Home / Knowledge / News / Textiles / Foot Locker releases outlook for Q1 & FY 2017
Foot Locker releases outlook for Q1 & FY 2017
21
Apr '17
Foot Locker has updated outlook for its first quarter and full year 2017. The company currently expects earnings in the first quarter ending April 29 to be equal to or slightly below last year's record earnings, or $1.36 to $1.39 per share. Comparable store sales in the first quarter are expected to increase at a low-single digit percentage rate. 

For the remaining three quarters of the year, the New York-based specialty athletic retailer aims to achieve a double-digit earnings per share percentage increase and a mid-single digit comparable store sales percentage increase; however, the sluggish first quarter is expected to result in a revised full-year earnings per share percentage increase in the mid-single digits, excluding the 53rd week.

"We mentioned on our 2016 earnings conference call on 24 February that the first quarter of 2017 would be challenging, based on the slower than usual start in the United States," said Richard Johnson, chairman and chief executive officer, Foot Locker. "Encouragingly, we are now having a strong Easter selling period, with April comparable sales likely up low double digits, which we see as confirmation that the customer's appetite for our exciting product assortments has not changed."

"Our full-year guidance called for a mid single digit percentage comparable store sales increase and a double- digit percentage earnings per share increase," added Lauren Peters, executive vice president and chief financial officer, Foot Locker. "That guidance included little operating leverage this year for several reasons outlined during our earnings call.  With comparable sales that fall short of a mid-single digit percentage increase, we currently expect some operating deleverage in the first quarter."

"Despite our disappointment in the overall sales performance in the first quarter, we are confident our banners remain at the centre of sneaker culture and we believe in our ability to produce the strong performance over the remainder of 2017 that we previously outlined," added Johnson. (RR)

Fibre2Fashion News Desk – India


Must ReadView All

GST Council allows ITC refund to fabrics

Textiles | On 23rd Jul 2018

GST Council allows ITC refund to fabrics

The Goods and Services Tax (GST) Council at its 28th meeting held...

GST slashed on Chenille fabrics, knitted cap to 5%

Textiles | On 23rd Jul 2018

GST slashed on Chenille fabrics, knitted cap to 5%

The Goods and Services Tax (GST) on Chenille fabrics and other...

Courtesy: Pexels

Apparel/Garments | On 23rd Jul 2018

Turkey aims to export apparel worth $25 bn in 5 years

Turkey aims to increase its apparel exports by 50 per cent in 2018...

Interviews View All

Top executives
Textile industry

It will take some time for the people to change their buying choices

Mandeep Nagi
Shades of India

Women value something that is unique and has a flavour of India

Sunil Kumar Sharma
Loknayak JPNSSSG Ltd

'The blend of cotton–linen yarn has high demand in the domestic and...

Shivani Swamy

The Livinguard Technology is owned by Green Impact Holding AG based in...

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Nisha Chanda
Whistling Woods International School of Fashion

<div>A lack of upgraded courses in costume designing and fashion as per...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


July 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search