FX.co ★ Foot Locker Trims FY24 Outlook - Update

In its third-quarter financial report released on Wednesday, Foot Locker, Inc. (FL), a leading specialty athletic retailer, announced revisions to its 2024 financial outlook, including adjusted guidance for full-year earnings, net sales, and comparable sales growth. Additionally, the company provided projections for the fourth quarter.

For the upcoming fourth quarter, Foot Locker anticipates adjusted earnings ranging from $0.70 to $0.80 per share, with an expected decrease in net sales of between 3.5% and 1.5%. The retailer projects its comparable sales to grow by 1.5% to 3.5%.

Looking forward to fiscal year 2024, Foot Locker now forecasts adjusted earnings between $1.20 and $1.30 per share. The company expects net sales to decline by 1.5% to 1.0%, coupled with a comparable sales growth of 1.0% to 1.5%.

This marks a change from the previous forecast, which anticipated adjusted earnings between $1.50 and $1.70 per share, with net sales varying between a 1.0% decline and a 1.0% increase, and comparable sales growth projected at 1.0% to 3.0%.

Market analysts, as reflected in prevailing estimates, anticipate earnings of $1.53 per share on net sales amounting to approximately $8.13 billion for the year, with a projected decline of 0.46%.