Foot Locker Gains Stronger Foothold in Athletic Retail Market

Foot Locker Comp Sales Drop 2.7 Pct

Foot Locker’s stock price was up more than 5% in early trading Friday (May 20) after the company reported its fiscal 2022 first-quarter earnings results.

The company’s total sales jumped 1% for the three months ending April 30, although comparable store sales dropped about 2% in the same period, meaning shoppers are likely fulfilling their apparel and shoe fetishes by shopping for them online more often.

“We are off to a strong start in 2022, reporting a solid quarter against the tough comparisons of fiscal stimulus and historically-low promotions from last year,” said Foot Locker Chairman and CEO Richard Johnson in the company press release. “Our progress in broadening and enriching our assortment continues, as we continue to meet our customers’ demand for choice. These efforts helped drive our strong results in the first quarter, and we believe will allow us to more fully participate in the robust growth of our category going forward.”

Earlier this month, Foot Locker became Adidas’ lead partner in basketball as part of a deal that will also accelerate so-called “energy” and “hype” launches, and develop and expand the brand in the women’s, kids’ and apparel sectors of the business.

Read more: Germany’s Adidas, Foot Locker Enhance Partnership Around Customer Experience, Connectivity

The partnership aims to achieve more than $2 billion in retail sales by 2025 in North America; Europe, the Middle East and Africa (EMEA); and Asia-Pacific (APAC). That number is nearly triple 2021 retail sales levels.

In April, Foot Locker’s Champs Sports chain rolled out a “store of the future” concept. The new 35,000-square-foot “Homefield” outpost in southern Florida includes an indoor multi-sport court, a smoothie bar, flat screen TVs in the store’s aisles and a wellness shopping section that allows customers to play and shop at the same time.

See more: Foot Locker’s Champs Sports Enters Experiential Retail Game in Bid to Compete With Dick’s, Nike