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Foot Locker (FL) 4Q17 Results: Misses on Comps, Guides for Flat–Low-Single-Digit Comps in 2018

Executive Summary

  • Foot Locker reported 4Q17 adjusted EPS of $1.26, below the $1.37 year-ago figure and above the $1.25 consensus estimate. Revenues were $2.21 billion, up 4.6% year over year and slightly below the $2.22 billion consensus estimate.
  • Comps declined by 3.7%, missing the consensus estimate of a2.4% decline.
  • The company guided for flat–low-single-digit comp growth in FY18, versus the consensus estimate of 1.0%. The company expects its gross margin to recover from the 2017 level and for SG&A to rise by one percentage point.

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