Foot Locker has spent two years transforming its business, and it's now seeing sales and margins expand, indicating its efforts are finally starting to work.
Foot Locker beat Wall Street's estimates on the top and bottom lines as it posted comparable sales growth for the first time in six quarters.CEO Mary Dillon told CNBC Foot Locker is exiting a number of international markets and moving its headquarters from New York City to Florida.
Foot Locker also stood by its adjusted earnings per share guidance. It expects earnings to be between $1.50 and $1.70 – much of that range ahead of the $1.54 that analysts had expected, according to LSEG.of Foot Locker about two years ago, she has worked to transform the company and ensure that it stays relevant in a world where brands, and has also taken a hard look at its sprawling, but aging, store fleet, where the company does about 80% of its sales.
"With Nike, this has been since day one, a high priority for me, and really building a partnership that isn't just about like, what number of shoes are we going to sell, but how do we think about using consumer insights to mutually grow our businesses together," said Dillon. "For us and Nike, it's about the places that we really connect."
Foot Locker is also planning to move its global headquarters from New York City to St. Petersburg, Florida in late 2025 and plans to maintain only a limited presence in the Big Apple moving forward. "We've got a big center of gravity already in St. Pete ... many of our executives are there. A lot of our commercial teams," said Dillon. "We think actually bringing more people together for collaboration is going to matter and that's also part of this. It's not just about saving money. It's about, how do we really continue to build on this momentum?"
As it improves stores, products and the customer experience online and in stores, Foot Locker is managing to drive sales even as its core consumer continues to feel the pressure of consistent inflation and high interest rates – indicating that
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