![]() ![]() Further diversifying merchandise and vendor mix.This change reflects the accelerated strategic shift to DTC by one of the Company's vendors and Foot Locker, Inc.'s ongoing brand and category diversification efforts.Ĭonsistent with Foot Locker Inc.'s strategies across elevating the customer experience, investing for long-term growth, and driving productivity, the Company will accelerate certain initiatives in 2022, including: As a result, no single vendor is expected to represent more than approximately 60% of total purchases for fiscal 2022, down from 70% in 2021, and 75% in 2020. does not expect any one vendor to represent more than 55% of total supplier spend, down from 65% in the fourth quarter of 2021. Update on Vendor Mix and Long-Term Strategyīeginning in the fourth quarter 2022, Foot Locker, Inc. Excluding the effect of foreign exchange rate fluctuations, total sales in fiscal 2021 increased by 17.8%. ![]() Total sales of $9.0 billion in fiscal 2021 increased by 18.7% compared with sales of $7.5 billion in fiscal 2020, and 11.9% compared with $8 billion in 2019. Compared with non-GAAP earnings per share of $4.93 in fiscal 2019, non-GAAP earnings per share in fiscal 2021 were up 57.6%įiscal year comparable-store sales increased by 15.4%. On a non-GAAP basis, the Company earned $7.77 per share, a 176.5% increase from non-GAAP earnings per share of $2.81 in the prior year. ![]() Fiscal 2021 earnings per share were up 91.3% compared with $4.50 in fiscal 2019. The Company reported net income of $893 million, or $8.61 per share, for fiscal 2021, an increase of 179.5% in earnings per share as compared with net income of $323 million, or $3.08 per share, in fiscal 2020. Adjustments included primarily 1) $26 million of impairments on underperforming stores, 2) $14 million charge due to the wind-down of Footaction, 3) $11 million of other various lease termination costs, 4) $10 million charge related to the impairment the Company's minority investments, and 5) $10 million of acquisition and integration costs, primarily representing investment banking fees. SG&A deleveraged by 140 basis points driven by increased labor costs, marketing and technology spend.ĭuring the fourth quarter of 2021, the Company recorded adjustments to earnings, which are detailed below in the accompanying reconciliation of GAAP to non-GAAP results. Gross margin remained relatively flat in the fourth quarter, decreasing by 10 basis points compared with the prior-year period, with strong merchandise margin gains offset by occupancy deleverage, which primarily reflects the elevated rent abatements in the prior year. Excluding the effect of foreign exchange rate fluctuations, total sales for the fourth quarter increased by 8.2%. Total sales increased by 6.9%, to $2.3 billion, compared with sales of $2.2 billion in the fourth quarter of 2020. On a non-GAAP basis, the Company earned $1.67 per share (including a $0.20 gain from the mark-to-market of one of its minority investments), a 7.7% increase from non-GAAP earnings per share of $1.55 in the prior-year period.įourth quarter comparable-store sales increased by 0.8%, with apparel significantly outpacing footwear. The Company reported net income of $103 million, or $1.02 per share, for the 13 weeks ended January 29, 2022, compared with net income of $123 million, or $1.17 per share, for the corresponding prior-year period. We look forward to continuing to build on the important areas of success from the past year that strengthen our position at the heart of the youth, sports, and sneaker communities." Johnson continued, "Our journey to diversify our mix of business and expand our reach as a house of brands and banners is ongoing. And we continue to expand our private label merchandise offerings, including the most recent launch of our new womenswear brand." We also invested in our omni-channel platform to accelerate our DTC strategy and enhance the customer experience with new speed and convenience capabilities. "We made significant progress diversifying our brands, categories and channels in 2021, as well as expanding our customer base across demographics and high-growth geographies with the acquisitions of WSS and atmos. "We closed out a record year by delivering solid fourth quarter results that reflect the ongoing momentum we have built in our business in the midst of an evolving market," said Richard Johnson, Chairman and Chief Executive Officer. (NYSE: FL), the New York-based specialty athletic retailer, today reported financial results for its fourth quarter and fiscal year ended January 29, 2022. 25, 2022 /PRNewswire/ - Foot Locker, Inc. ![]()
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