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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

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