Foot Locker registers 3.9% increase in third-quarter sales
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Foot Locker registers 3.9% increase in third-quarter sales

22 Nov 2021 (Last Updated November 22nd, 2021 16:06)

The retailer expects the ongoing global supply chain disruptions to continue throughout the fourth quarter.

Foot Locker registers 3.9% increase in third-quarter sales
Foot Locker’s comparable-store sales increased by 2.2% in the third quarter. Credit: Open Grid Scheduler / Flickr.

US-based speciality athletic retailer Foot Locker has reported a 3.9% growth in total sales for the third quarter (Q3) of 2021 (FY21) to $2.18bn, compared with $2.10bn in the same period of last year.

The company’s comparable-store sales for three months to 30 October grew by 2.2% and its total sales, excluding the effect of foreign exchange rate fluctuations, rose by 3.6%.

Foot Locker generated $158m in net income during the period, compared with $265m in Q3 2020.

The company’s diluted earnings per share (EPS) for the quarter amounted to $1.52, down from $2.52 last year.

Foot Locker chairman and CEO Richard Johnson said: “The third quarter was another period of strong performance for our company that reflects the powerful connectivity we have built with our customers.

“These impressive top and bottom-line results were against a robust back-to-school season from last year and in spite of the ongoing supply chain challenges.

“On top of that, we successfully completed the acquisition of WSS in the third quarter and subsequently closed the atmos transaction as well, welcoming both of these great teams to the Foot Locker family.”

Foot Locker reported $6.61bn in sales for the first nine months of the year, a 23.5% growth compared to $5.35bn in the corresponding period of last year.

The company’s net income for the period was $790m, or $7.54 to a share on a generally accepted accounting principles (GAAP) basis.

This was a significant increase from $200m, or $1.91 to a share, in the first nine months of last year.

Foot Locker executive vice-president and chief financial officer Andrew Page said: “We expect global supply chain constraints to persist throughout the fourth quarter; that said, we believe we are positioned for the holiday season, with positive momentum and inventory levels ready to meet customer demand.”

Earlier this month, Foot Locker completed its acquisition of Japanese digital led retailer atmos, through certain subsidiaries, for $360m.