Foot Locker Trims FY24 Outlook - Update

(RTTNews) - While reporting financial results for the third quarter on Wednesday, specialty athletic retailer Foot Locker, Inc. (FL) lowered its adjusted earnings, net sales and comparable sales growth guidance for the full-year 2024. It also provided outlook for the fourth quarter.

For the fourth quarter, the company expects adjusted earnings in a range $0.70 to $0.80 per share on net sales decline of 3.5 to 1.5 percent, with comparable sales growth of 1.5 to 3.5 percent.

Looking ahead to fiscal 2024, the company now projects adjusted earnings in a range $1.20 to $1.30 per share on net sales decline of 1.5 to 1.0 percent, with comparable sales growth of 1.0 to 1.5 percent.

Previously, the company expected adjusted earnings in the range $1.50 to $1.70 per share on net sales change between a decline of 1.0 and an increase of 1.0 percent, with comparable sales growth of 1.0 to 3.0 percent.

The Street is looking for earnings of $1.53 per share on net sales decline of 0.46 percent to $8.13 billion for the year.

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