Foot Locker’s income took a big hit in 2017
05/03/2018
The company’s full-year revenue was $7.8 billion, an increase of 0.2% compared to the previous year. Comparable store sales fell 3.1%.
This resulted in net income falling from $664 million in 2016, to $284 million last year.
It came off the back of a disappointing fourth quarter, when Foot Locker made a net loss of $49 million. This compares to net income of $189 million for the same period of the previous year.
Fourth quarter sales increased 4.6% to $2.2 billion, but this included an extra week of trading.
During a conference call with analysts, the company revealed that the men’s basketball shoes segment, one of its most important, saw a fall in sales in the “high single digits”.
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