Foot Locker sales jump 18% in Q2 results
Foot locker has reported a 17.1 % increase in total sales to $2bn (£1.5bn) for the second-quarter period ended 1 August 2020.
Second quarter comparable-store sales also increased by 18.6% during the period.
However, the company’s gross margin rate decreased to 25.9% from 30.1% when compared with the same time last year. Further to this, net income for Q2 2020 was $45m (£34m), down from $60m (£45m) in 2019.
During the second quarter, the company opened 18 new stores, remodeled and relocated 26 stores, and closed 31 stores. Foot Locker operates almost 3,100 stores in 27 countries in North America, Europe, Asia, Australia, and New Zealand.
Richard Johnson, president and chief executive officer, said: “I’m proud of the exceptional effort from our team this quarter. Despite the challenging backdrop of the pandemic, and social unrest, we achieved strong second quarter results, led by our digital business, with a return to growth in both the top and bottom line.
“As our global fleet of stores reopened, our customers responded with enthusiasm and energy to our assortments and visited our stores with a high intent to purchase.”
He added: “As the Covid-19 situation continues to evolve, we believe we have the right strategies and strong leadership in place to strengthen our customer connectivity, deepen our strategic relationships with our vendors, navigate the challenges ahead, and emerge from this period better positioned than ever.”
