Foot Locker beats by $0.09, beats on revs; guides Q4 EPS in-line, revs above consensus; announces entry into India (23.84)
- Reports Q3 (Oct) earnings of $0.30 per share, excluding non-recurring items, $0.09 better than the FactSet Consensus of $0.21; revenues fell 8.6% year/year to $1.99 bln vs the $1.96 bln FactSet Consensus.
- Comparable-Store Sales Decreased 8.0%
- Co issues guidance for Q4, sees EPS of $0.26-0.36, excluding non-recurring items, vs. $0.32 FactSet Consensus; sees Q4 revs of down 2-4% yr/yr to $2.24-2.29 bln vs. $2.18 bln FactSet Consensus.
- Q4 Comps: Down 7.0-9.0%
- Announcing Entry into India
- As part of its efforts to pursue growth through license partners in newer markets, while still focusing on core banners and regions, Foot Locker also announced today its entry into India in 2024. The Company has entered into long-term licensing agreements with two strong operators in India -- Metro Brands Limited (MBL), one of India's largest footwear and accessories specialty retailers, and Nykaa Fashion, a highly curated fashion and ecommerce destination showcasing #FirstInFashion selections from both domestic and global brands, attracting over 17.6 million monthly visitors. Under the terms of the agreements, MBL is granted exclusive rights to own and operate Foot Locker stores within India and to sell authorized merchandise in Foot Locker stores. Nykaa Fashion will be the exclusive ecommerce partner and will operate the Foot Locker India website as well as retail authorized merchandise on a Foot Locker branded shop on the Nykaa platform.