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Freitag,
19.05.2023 06:45
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FOOT LOCKER, INC. REPORTS 2023 FIRST QUARTER RESULTS
Ein Ladengeschäft von Foot Locker.
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PR Newswire
NEW YORK, May 19, 2023
- Total Sales Decreased 11.4%; Comparable-Store Sales Decreased 9.1%
- EPS of $0.38 and Non-GAAP EPS $0.70
- Lowering 2023 Sales and Earnings Guidance
- Announces Retail Industry Veteran Mike Baughn as Chief Financial Officer
NEW YORK, May 19, 2023 /PRNewswire/ -- Foot Locker, Inc. (NYSE: FL), the New York-based specialty athletic retailer, today reported financial results for its first quarter ended April 29, 2023.
"Coming off the recent launch of our Lace Up Strategy at our Investor Day in March, we are making early progress in building a strong foundation to return to sustainable growth beyond this year," said Mary Dillon, President and Chief Executive Officer. "However, our sales have since softened meaningfully given the tough macroeconomic backdrop, causing us to reduce our guidance for the year as we take more aggressive markdowns to both drive demand and manage inventory."
Ms. Dillon continued, "Despite the challenging near-term trends, we remain committed to our long-term strategy, including making the necessary investments to drive our Lace Up plan, and maintain conviction in our ability to execute against our new strategic imperatives."
First Quarter Results
- Comparable-store sales decreased by 9.1%, driven by macroeconomic headwinds, including lower income tax refunds in the United States, as well as the changing vendor mix and our repositioning of Champs Sports.
- Total sales decreased by 11.4%, to $1,927 million, compared with sales of $2,175 million in the first quarter of 2022. Excluding the effect of foreign exchange rate fluctuations, total sales for the first quarter decreased by 10%.
Please refer to the Sales by Banner table below for detailed sales performance by banner and region.
- Gross margin declined by 400 basis points compared with the prior-year period, driven by a combination of higher markdowns compared to historically low levels in the prior year, and occupancy deleverage, as well as an increase in theft-related shrink.
- SG&A increased by 110 basis points as a percentage of sales compared with the prior year, with savings from the cost optimization program more than offset by underlying deleverage on the sales decline, inflation, and investments in front-line wages and technology.
- Net income decreased to $36 million as compared with $133 million in the first quarter of fiscal 2022. Non-GAAP net income decreased to $66 million from $155 million in the prior-year period.
- EPS decreased to $0.38 per share, versus $1.37 in the first quarter of fiscal 2022. Non-GAAP EPS decreased to $0.70 per share compared with non-GAAP EPS of $1.60 in the prior-year period.
Balance Sheet
At quarter-end, the Company's cash and cash equivalents totaled $313 million, while debt on its balance sheet was $451 million.
As of April 29, 2023, the Company's merchandise inventories totaled $1,758 million, 25% higher than at the end of the first quarter last year.
Dividend and Share Repurchases
During the first quarter of 2023, the Company paid a quarterly dividend of $0.40 per share for a total of $38 million.
The Board of Directors declared a quarterly cash dividend on the Company's common stock of $0.40 per share, which will be payable on July 28, 2023, to shareholders of record on July 14, 2023.
Store Base Update
During the first quarter, the Company opened 13 new stores, remodeled, or relocated 18 stores, and closed 35 stores.
As of April 29, 2023, the Company operated 2,692 stores in 29 countries in North America, Europe, Asia, Australia, and New Zealand. In addition, 163 franchised stores were operating in the Middle East and Asia
2023 Financial Outlook
Fiscal year 2023 represents the 53 weeks ending February 3, 2024. The Company's full year 2023 outlook, which includes the 53rd week, is summarized in the table below.
| Metric | Prior Guidance | Updated Guidance | Commentary |
| Sales Change | Down 3.5% to 5.5% | Down 6.5% to 8.0% | Including ~1% from the extra |
| Comparable Sales | Down 3.5% to 5.5% | Down 7.5% to 9.0% | Softer sales through balance |
| Square Footage Change | Down ~4% | | |
| Licensing Revenue | ~$20 million | ~$20 million | |
| Gross Margin | 30.8% to 31.0% | 28.6% to 28.8% | More aggressive markdowns |
| SG&A Rate | 22.6% to 22.8% | 22.4% to 22.6% | Solid expense management |
| D&A | ~$205 million | ~$205 million | |
| Interest | ~$12 million | ~$16 million | Less interest income on lower |
| Non-GAAP Tax Rate | 31.5% to 31.7% | 32.9% to 33.1% | Higher on geographic mix of |
| Non-GAAP EPS | $3.35-$3.65 including | $2.00-$2.25 | |
| Adj. Capital | ~$305 million | ~$305 million | |
| |
| * Adjusted Capex includes capitalized Technology expense |
The Company provides earnings guidance only on a non-GAAP basis and does not provide a reconciliation of the Company's forward-looking tax rate, capital expenditures, and diluted earnings per share guidance to the most directly comparable GAAP financial measures because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations.
Chief Financial Officer Appointment
Today, Foot Locker, Inc., announces the appointment of Mike Baughn as Executive Vice President and Chief Financial Officer, effective June 12, 2023.
Mike joins us from Kohl's Corporation where he most recently served as Executive Vice President of Finance and Treasurer. He brings to Foot Locker more than 15 years of experience in various financial leadership roles across Kohl's.
Mike will report directly to Mary Dillon, President, and Chief Executive Officer, and oversee Foot Locker, Inc.'s financial initiatives and position the company for long-term growth.
With Mike's start, Robert Higginbotham, Interim Chief Financial Officer, will resume his role as Senior Vice President, Investor Relations, and Financial Planning & Analysis, reporting to Mike.
"Following a rigorous search process, we are thrilled to welcome to our leadership team, Mike Baughn, whose role will be instrumental in delivering our Lace Up plan," said Mary Dillon. "I am confident Mike will further accelerate our new set of strategic imperatives and financial objectives designed to set us up for the next 50 years of growth. Let me also thank Rob for his leadership of the finance organization while we conducted the search, ongoing contributions, and critical role in launching our strategy at our Investor Day."
"Foot Locker is a cultural staple that has led the footwear category for nearly 50 years. I am honored to join this incredible team as CFO at such a pivotal time for the company as they deliver the Lace Up plan," said Mike Baughn. "Foot Locker has a rich heritage to build upon and I am looking forward to working closely with Mary Dillon and the leadership team to ensure great customer experiences, as well as value for our stakeholders."
Conference Call and Webcast
The Company is hosting a live conference call at 9:00 a.m. ET today, May 19, 2023, to review these results and provide an update on the business. An investor presentation will be available under the Investor Relations section of the Company's corporate website before the start of the conference call. This conference call may be accessed live by calling toll-free 1-844-701-1163 or international toll 1-412-317-5490, or via the Investor Relations section of footlocker-inc.com. Please log on to the website 15 minutes prior to the call to register. An archived replay of the conference call can be accessed approximately one hour following the end of the call at 1-877-344–7529 in the U.S. or 1-855-669-9658 in Canada or 1-412-317-0088 internationally with passcode 6393779 through June 2, 2023. A replay of the call will also be available via webcast from footlocker-inc.com.
Disclosure Regarding Forward-Looking Statements
This report contains forward-looking statements within the meaning of the federal securities laws. Other than statements of historical facts, all statements which address activities, events, or developments that the Company anticipates will or may occur in the future, including, but not limited to, such things as future capital expenditures, expansion, strategic plans, financial objectives, dividend payments, stock repurchases, growth of the Company's business and operations, including future cash flows, revenues, and earnings, and other such matters, are forward-looking statements. These forward-looking statements are based on many assumptions and factors, which are detailed in the Company's filings with the U.S. Securities and Exchange Commission.
These forward-looking statements are based largely on our expectations and judgments and are subject to a number of risks and uncertainties, many of which are unforeseeable and beyond our control. For additional discussion regarding risks and uncertainties that may affect forward-looking statements, see "Risk Factors" disclosed in the Company's Annual Report on Form 10-K for the year ended January 28, 2023, filed on March 27, 2023. Any changes in such assumptions or factors could produce significantly different results. The Company undertakes no obligation to update the forward-looking statements, whether as a result of new information, future events, or otherwise.
| FOOT LOCKER, INC. | ||||||||
| .Condensed Consolidated Statements of Operations | ||||||||
| | ||||||||
| Periods ended April 29, 2023, and April 30, 2022 | ||||||||
| | ||||||||
| | | First Quarter | | |||||
| | | 2023 | | | 2022 | | ||
| Sales | | $ | 1,927 | | | $ | 2,175 | |
| Licensing revenue | | | 4 | | | | 3 | |
| Total revenue | | | 1,931 | | | | 2,178 | |
| | | | | | | | ||
| Cost of sales | | | 1,349 | | | | 1,435 | |
| Selling, general and administrative expenses | | | 431 | | | | 463 | |
| Depreciation and amortization | | | 51 | | | | 54 | |
| Impairment and other | | | 39 | | | | 6 Werbung Mehr Nachrichten zur Foot Locker Aktie kostenlos abonnieren
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