0.26%Foot Locker has reported a total revenue for fiscal 2024 of $7.99 billion which was slightly down from $8.17 billion from the previous year.
With the current economic uncertainty, changing sneaker trends and now Trumps new tariffs, the globally recognised sneaker retailer, Foot Locker, has seen a decline in sales for the last year and a half, announcing previously their plans to streamline their business operations with cost cutting incentives to close 400 stores by 2026. After previously downgrading its outlook for fiscal 2024 back in December last year following weaker Q3 sales, Foot Locker has beat it’s revised expectations for Q4 2024. Total sales for the quarter were $2.24 billion which was down by 5% compared to the $2.38 billion from the same period in 2023. Net income for the quarter was up to $55 million compared to the $389 net loss of $383 million from the period in 2023. Earnings per share for the fourth quarter was $0.57 which was up slightly from the previous quarter rate of $0.33.
For the full fiscal year of 2024 Foot Locker reported a total revenue of $7.99 billion which was slightly down from $8.17 billion from 2023. Net income for the year was $18 million which was a massive improvement of the $330 million loss from the previous year. As well as celebrating their 50th anniversary, introducing their Storefronts affiliate platform & relocating their headquarters to Florida which was reported as a $26 million “reorganization cost”, the sneaker retailer closed 47 stores & opened 7 new stores for Q4 2024. Looking forward to 2025 Foot Locker expects total comparable sales to increase between 1%-2.5%. Keep posted at Sneaker Jobs for further news surrounding the US sneaker retailer & don’t forget to subscribe to Sneaker Jobs & follow @sneaker_jobs to keep up to date with all the latest industry news.
Reflecting on 2024 overall, we made significant progress in elevating our in-store experience with our new reimagined doors and store refresh program, enhancing our digital and mobile capabilities, expanding engagement with our FLX Rewards Program, and leaning into brand building through compelling campaigns and partnerships. Looking ahead, we will continue to prioritize our customer-facing investments, keep our inventories controlled, and manage our expense base with discipline to improve our profitability.
Mary Dillon – President and chief executive officer Foot Locker
