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US specialty retailer Foot Locker reports Q1 FY21 sales of $2.1 bn

May '21
Pic: Shutterstock
Pic: Shutterstock
Foot Locker Inc, a US-based specialty athletic retailer, has reported 83.1 per cent sales increase to $2.1 billion in its first quarter (Q1) FY21 ended on May 1, 2021, compared to the sales of $1.1 billion in the corresponding period of previous fiscal. The company’s net income for the quarter jumped to $202 million (Q1 FY20: loss $110 million).
“I am extremely pleased with the strength of our performance in the first quarter, compared not only to last year's heavily Covid impacted first quarter, but also relative to the first quarter of 2019. Against the ongoing challenges of pandemic-related store closures in Europe and Canada and US ports congestion, our top and bottom-line results were nothing short of exemplary,” Richard Johnson, chairman and chief executive officer at Foot Locker, said in a press release.
Cost of sales for Q1 FY21 was $1.4 billion ($905 million), while selling, general & administrative expenses were $418 million ($316 million). The company’s income from operations surged to $282 million (loss from operations: $105 million).
According to the company, it opened 12 new stores during the quarter, remodelled or relocated 15 stores, and closed 58 stores. As of May 1, 2021, the company operated 2,952 stores in 27 countries in North America, Europe, Asia, Australia, and New Zealand. In addition, 131 franchised Foot Locker stores were operating in the Middle East.
“The freshness of our inventory, coupled with robust demand across our assortment, resulted in significantly less promotional activity during the first quarter, driving gross margin expansion and improved inventory turns,” Andrew Page, executive vice president and chief financial officer at Foot Locker added. “At the same time, we continued to exercise discipline with expense management while strategically investing in our business. Importantly, the underlying health of our business and financial position are strong, enabling us to continue advancing our strategic initiatives.”

Fibre2Fashion News Desk (JL)

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