Foot Locker, Inc. reported on Thursday, August 18, a 10.5% decline in its first-half sales, as the athletic footwear and apparel retailer continues to grapple with the impact of the COVID-19 pandemic and changing consumer behavior..
For the six-month period ended August 1, 2022, Foot Locker’s total sales fell to $4.3 billion from $4.8 billion in the same period last year. Same-store sales, a key metric for retailers, decreased by 6.9% in the first half of the year..
The company’s net income also took a hit, plunging 42.4% to $272 million in the first half of the year, compared to $474 million in the same period last year. Diluted earnings per share fell to $1.22 from $2.11 in the first half of 2021..
Foot Locker attributed the sales decline to a number of factors, including the ongoing impact of the COVID-19 pandemic, which has led to store closures and disruptions to supply chains. The company also cited changes in consumer behavior, with shoppers increasingly opting to purchase online or from other retailers..
Despite the challenges, Foot Locker remains optimistic about the future. The company has been investing heavily in its digital platform and omnichannel capabilities, which it believes will help it to better serve customers and drive growth in the long term..
In a statement, Foot Locker Chairman and CEO Richard Johnson said, .
