Foot Locker presents its annual report for the third quarter of the 2024/2025 financial year, which ended on November 2nd. Sales fell by 1.4%. On a comparable basis it was even 2.4%. In the past quarter, the sneaker retailer generated $1.958 billion, compared to $1.986 billion in the same period. Gross margin increased 230 basis points due to reduced markdown levels. The quarter ended with a net loss of $33 million, compared to a net loss of $28 million in the same quarter last year. Commenting on the results, Mary Dillon, President and Chief Executive Officer, said: “Our team’s continued focus on execution resulted in positive comparable sales trends and significant gross margin expansion in the quarter. Nevertheless, the third quarter results fell short of our expectations in terms of both sales and earnings. Consumer spending trends weakened after the peak of the back-to-school period in August, and the advertising environment was more challenging than expected. At the same time, we continued to make progress on our Lace Up plan and further solidified our leadership position at the heart of basketball and sneaker culture. During the quarter, we continued the rollout of our Foot Locker ‘Home Court’ experience in collaboration with Nike and Jordan Brand and announced a multi-year partnership with the iconic Chicago Bulls franchise.”
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