Foot Locker sales jump 17.1% to $2.0 bn in Q2 FY20
September 18, 2020 - United States Of America
Foot Locker, a US-based specialty athletic retailer, has announced financial results for its second quarter (Q2) fiscal 2020 ended on August 1. Sales for the quarter rose 17.1 per cent to $2.0 billion compared to the sales of $1.7 billion in the same period previous fiscal. Company net income for Q2 FY20 came down to $45 million (Q2 FY19: $60 million).
“Despite the challenging backdrop of the pandemic, and social unrest, we achieved strong second quarter results, led by our digital business, with a return to growth in both the top and bottom line. As our global fleet of stores reopened, our customers responded with enthusiasm and energy to our assortments and visited our stores with a high intent to purchase,” Richard Johnson, president and chief executive officer at Foot Locker, said in a press release.
Cost of sales for the quarter was $1.5 billion ($1.2 billion). Selling, general & administrative expenses were $387 million ($393 million). Company’s income from operations was down to $69 million ($81 million).
“As the Covid-19 situation continues to evolve, we believe we have the right strategies and strong leadership in place to strengthen our customer connectivity, deepen our strategic relationships with our vendors, navigate the challenges ahead, and emerge from this period better positioned than ever,” Johnson said.
During the second quarter, Foot Locker opened 18 new stores, remodelled or relocated 26 stores and closed 31 stores. As of August 1, 2020, company operated 3,100 stores in 27 countries in North America, Europe, Asia, Australia, and New Zealand.