Foot Locker swings to loss driven by ‘ongoing consumer softness’
New York-based sports retailer Foot Locker reported a 10% fall in sales in the second quarter of the year impacted by “ongoing consumer softness, changing vendor mix and the repositioning of Champs Sports”.
In a trading update for the three months ending July 2023, Foot Locker posted a loss of $5m (£3.94m) compared with the net income of $94m (£74m) the business reported during the same time last year.
Total sales fell 9.9% and 10.2% in constant currency terms to $1.86bn (£1.47bn) in the same period, with like-for-like sales decreasing 9.4%.
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