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Foot Locker beats Q3 estimates, but warns of supply disruption

By Huw Hughes

19 Nov 2021

Business

Image: Foot Locker, Lckr

Foot Locker has reported stronger-than-expected earnings for the third quarter of the year, but warned supply chain issues will continue to impact the business in the current quarter.

In the 13 weeks to October 30, the US athletic apparel and footwear retailer reported net income of 158 million dollars - or 1.52 dollars per share.

That was down from 265 million dollars the year before, but above the 125 million dollars it reported two years ago.

Excluding nonrecurring items, Foot Locker’s profit came in at 1.93 dollars per share, compared to 1.21 dollars per share in 2020, and 1.13 dollars per share in 2019.

Foot Locker increases Q3 sales

Meanwhile, sales at the New York-based company came in at 2.19 billion dollars, 3.9 percent higher than 2020 levels and 13.3 percent higher than in 2019.

"The third quarter was another period of strong performance for our company that reflects the powerful connectivity we have built with our customers," said chair and CEO Richard Johnson in a statement.

But looking ahead, the retailer warned that continued supply chain disruption will impact the business in the fourth quarter.

The results come a day after Foot Locker announced a number of changes to its leadership team, including the promotion of Franklin R. Bracken to chief operating officer.