American retailer Foot Locker reports net income of $893 mn in FY21

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American sportswear and footwear retailer Foot Locker has reported net income of $893 million, or $8.61 per share, for fiscal 2021 (FY21), an increase of 179.5 per cent in earnings per share as compared with net income of $323 million, or $3.08 per share, in fiscal 2020. FY21 earnings per share were up 91.3 per cent compared with $4.50 in fiscal 2019.

On a non-GAAP basis, the company earned $7.77 per share in FY21, a 176.5 per cent increase from non-GAAP earnings per share of $2.81 in the prior year. Compared with non-GAAP earnings per share of $4.93 in fiscal 2019, non-GAAP earnings per share in fiscal 2021 were up 57.6 per cent, the company said in a media release.

Fiscal year comparable-store sales increased by 15.4 per cent. Total sales of $9 billion in fiscal 2021 increased by 18.7 per cent compared with sales of $7.5 billion in fiscal 2020, and 11.9 per cent compared with $8 billion in 2019. Excluding the effect of foreign exchange rate fluctuations, total sales in fiscal 2021 increased by 17.8 per cent.

American sportswear and footwear retailer Foot Locker has reported net income of $893 million, or $8.61 per share, for fiscal 2021 (FY21), an increase of 179.5 per cent in earnings per share as compared with net income of $323 million, or $3.08 per share, in fiscal 2020. FY21 earnings per share were up 91.3 per cent compared with $4.50 in fiscal 2019.

For the fourth quarter of FY21 ended January 29, 2022, the company reported net income of $103 million, or $1.02 per share, compared with net income of $123 million, or $1.17 per share, for the corresponding prior-year period. On a non-GAAP basis, the company earned $1.67 per share (including a $0.20 gain from the mark-to-market of one of its minority investments), a 7.7 per cent increase from non-GAAP earnings per share of $1.55 in the prior-year period.

Fourth quarter comparable-store sales increased by 0.8 per cent, with apparel significantly outpacing footwear. Total sales increased by 6.9 per cent, to $2.3 billion, compared with sales of $2.2 billion in the fourth quarter of 2020. Excluding the effect of foreign exchange rate fluctuations, total sales for the fourth quarter increased by 8.2 per cent.

“We closed out a record year by delivering solid fourth quarter results that reflect the ongoing momentum we have built in our business in the midst of an evolving market,” said Richard Johnson, chairman and chief executive officer. “We made significant progress diversifying our brands, categories and channels in 2021, as well as expanding our customer base across demographics and high-growth geographies with the acquisitions of WSS and atmos. We also invested in our omni-channel platform to accelerate our DTC strategy and enhance the customer experience with new speed and convenience capabilities.  And we continue to expand our private label merchandise offerings, including the most recent launch of our new womenswear brand.”

Fibre2Fashion News Desk (KD)





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