FL
Foot Locker Inc
Q3 2024 Report
Foot Locker Inc (FL) Q3 2024 Financial Results: Cautious Outlook Amid Positive Comp Trends...
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Executive Summary
Foot Locker Inc (NYSE: FL) reported a solid start to Q1 2024, showing resilience amidst ongoing challenges in the consumer discretionary space characterized by high inflation and changing consumer habits. Revenue totaled $1.879 billion, representing a decline of 5.5% year-over-year, yet inline with management's expectations of flat to low single-digit declines. The company managed to maintain a gross profit margin of 26.2%, though it was slightly below the previous year. Key insights from management emphasized the impact of their strategic 'Lace Up' plan, aimed at evolving the brand and driving improved customer experiences across their retail networks. Despite the operational hurdles, non-GAAP EPS came in at $0.22, reflecting disciplined expense management.
Key Performance Indicators
Revenue
1.88B
QoQ: 0.00% | YoY:-5.53%
Gross Profit
493.00M
26.24% margin
QoQ: 0.00% | YoY:-9.71%
Operating Income
32.00M
QoQ: 0.00% | YoY:-31.91%
Net Income
8.00M
QoQ: 0.00% | YoY:-71.43%
EPS
0.08
QoQ: 6.01% | YoY:-70.00%
Revenue Trend
Margin Analysis
Key Insights
- **Revenue:** $1.879 billion, down 5.5% YoY, remained flat compared to the previous quarter.
- **Net Income:** $8 million, translating to a net income margin of 0.4%, significantly lower than the previous year.
- **Gross Profit Margin:** 26.2%, a decline of 120 basis points YoY.
- **Operating Income:** $32 million, with a corresponding operating margin of 1.7%.
- **EPS (Diluted):** $0.0849, with a YoY EPS decline of 70%.