Foot Locker Q3 FY20 sales up 9% to $2.10 bn

07 Dec '20

2 min read

Pic: Shutterstock

Foot Locker, a US-based specialty athletic retailer, has posted 9.0 per cent growth in its sales to $2.10 billion during the third quarter (Q3) FY20 that ended on October 31, 2020, compared to the sales of $1.93 billion in the same period previous fiscal. Net income for the reported quarter jumped to $265 million (Q3 FY19: $125 million).

“We delivered a strong top- and bottom-line performance in the third quarter, underscoring the strength of our in-store and online product assortments and the resilience of the Foot Locker, Inc brands,” Richard Johnson, president and chief executive officer at Foot Locker, said in a press release.

Company’s cost of sales for the quarter was $1.45 billion ($1.31 billion). Selling, general & administrative expenses were $424 million ($411 million). Income from operations during Q3 rose to $178 million ($164 million).

During Q3 FY20, the company opened 27 new stores, remodelled or relocated 8 stores, and closed 95 stores, including 70 Runners Point stores.

“Looking ahead, with over 10 per cent of our store fleet temporarily closed due to Covid restrictions, we are taking proactive measures for the upcoming holiday period to deliver outstanding experiences both in our stores and online, while ensuring the safety of our team members and customers,” Johnson said.

Fibre2Fashion News Desk (JL)

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