Foot Locker has spent two years transforming its business, and it's now seeing sales and margins expand, indicating its efforts are finally starting to work.
Foot Locker beat Wall Street's estimates on the top and bottom lines as it posted comparable sales growth for the first time in six quarters.As part of its efforts to streamline operations, Foot Locker is exiting a number of international markets and moving its headquarters from New York City to Florida.
"The Lace Up Plan is working," CEO Mary Dillon said in a press release, referencing the company's turnaround strategy. "Our top line trends strengthened as we moved through the quarter, including a solid start to Back-to-School. We were also particularly pleased to deliver stabilization in our Champs Sports banner."
Foot Locker is also planning to move its global headquarters from New York City to St. Petersburg, Florida in late 2025 and plans to maintain only a limited presence in the Big Apple moving forward. As it improves stores, products and the customer experience online and in stores, Foot Locker is managing to drive sales even as its core consumer continues to feel the pressure of consistent inflation and high interest rates – indicating that
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