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Foot Locker (FL) 2Q18 Results: Beats on EPS, Misses on Comps

Executive Summary

  • Foot Locker reported 2Q18 adjusted EPS of $0.75, up from $0.62 a year ago and ahead of the $0.70 consensus estimate. Revenues were $1.78 billion, up 4.8% year over year and above the $1.76 billion consensus estimate.
  • Comps increased by 0.5%, in-line with company guidance but below the 0.7% consensus estimate. By channel, comp sales at stores declined by 0.8%, more than offset by a 9.3% increase in online comps.
  • Management did not update guidance; Foot Locker expects FY18 comps to be flat to up by low single digits, versus the consensus estimate of up 1.0%.

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