NEW YORK, Feb. 25, 2022 /PRNewswire/ -- Foot Locker,
Inc. (NYSE: FL), the New
York-based specialty athletic retailer, today reported
financial results for its fourth quarter and fiscal year ended
January 29, 2022.
"We closed out a record year by delivering solid fourth quarter
results that reflect the ongoing momentum we have built in our
business in the midst of an evolving market," said Richard Johnson, Chairman and Chief Executive
Officer. "We made significant progress diversifying our brands,
categories and channels in 2021, as well as expanding our customer
base across demographics and high-growth geographies with the
acquisitions of WSS and atmos. We also invested in our omni-channel
platform to accelerate our DTC strategy and enhance the customer
experience with new speed and convenience capabilities. And
we continue to expand our private label merchandise offerings,
including the most recent launch of our new womenswear brand."
Mr. Johnson continued, "Our journey to diversify our mix of
business and expand our reach as a house of brands and banners is
ongoing. We look forward to continuing to build on the
important areas of success from the past year that strengthen our
position at the heart of the youth, sports, and sneaker
communities."
Fourth Quarter Results
The Company reported net
income of $103 million, or
$1.02 per share, for the 13 weeks
ended January 29, 2022, compared with
net income of $123 million, or
$1.17 per share, for the
corresponding prior-year period.
On a non-GAAP basis, the Company earned $1.67 per share (including a $0.20 gain from the mark-to-market of one of its
minority investments), a 7.7% increase from non-GAAP earnings per
share of $1.55 in the prior-year
period.
Fourth quarter comparable-store sales increased by 0.8%, with
apparel significantly outpacing footwear. Total sales increased by
6.9%, to $2.3 billion, compared with
sales of $2.2 billion in the fourth
quarter of 2020. Excluding the effect of foreign exchange rate
fluctuations, total sales for the fourth quarter increased by
8.2%.
Gross margin remained relatively flat in the fourth quarter,
decreasing by 10 basis points compared with the prior-year period,
with strong merchandise margin gains offset by occupancy
deleverage, which primarily reflects the elevated rent abatements
in the prior year.
SG&A deleveraged by 140 basis points driven by increased
labor costs, marketing and technology spend.
Non-GAAP Adjustments
During the fourth quarter of 2021, the Company recorded adjustments
to earnings, which are detailed below in the accompanying
reconciliation of GAAP to non-GAAP results. Adjustments
included primarily 1) $26 million of
impairments on underperforming stores, 2) $14 million charge due to the wind-down of
Footaction, 3) $11 million of other
various lease termination costs, 4) $10
million charge related to the impairment the Company's
minority investments, and 5) $10
million of acquisition and integration costs, primarily
representing investment banking fees.
Fiscal 2021 Results
The Company reported net income of
$893 million, or $8.61 per share, for fiscal 2021, an increase of
179.5% in earnings per share as compared with net income of
$323 million, or $3.08 per share, in fiscal 2020. Fiscal
2021 earnings per share were up 91.3% compared with $4.50 in fiscal 2019. On a non-GAAP basis,
the Company earned $7.77 per share, a
176.5% increase from non-GAAP earnings per share of $2.81 in the prior year. Compared with
non-GAAP earnings per share of $4.93
in fiscal 2019, non-GAAP earnings per share in fiscal 2021 were up
57.6%
Fiscal year comparable-store sales increased by 15.4%. Total
sales of $9.0 billion in fiscal 2021
increased by 18.7% compared with sales of $7.5 billion in fiscal 2020, and 11.9% compared
with $8 billion in 2019. Excluding
the effect of foreign exchange rate fluctuations, total sales in
fiscal 2021 increased by 17.8%.
Update on Vendor Mix and Long-Term Strategy
Beginning
in the fourth quarter 2022, Foot Locker, Inc. does not expect any
one vendor to represent more than 55% of total supplier spend, down
from 65% in the fourth quarter of 2021. As a result, no
single vendor is expected to represent more than approximately 60%
of total purchases for fiscal 2022, down from 70% in 2021, and 75%
in 2020. This change reflects the accelerated strategic shift
to DTC by one of the Company's vendors and Foot Locker, Inc.'s
ongoing brand and category diversification efforts.
Consistent with Foot Locker Inc.'s strategies across elevating
the customer experience, investing for long-term growth, and
driving productivity, the Company will accelerate certain
initiatives in 2022, including:
- Further diversifying merchandise and vendor mix. Foot
Locker, Inc. is continuing to broaden its assortment across brands
and categories, including deepening its existing brand
relationships with new partnerships and expanding further into
apparel, supported by its controlled brand strategy. For example,
beginning in the fall of 2022, Foot Locker, Inc. will have
exclusive access to Reebok's basketball footwear, including iconic
products from Shaq and Allen
Iverson, which add to our continued exclusive LaMelo Ball
program with Puma to enhance the Company's basketball leadership
and its connection with sports culture.
- Accelerating the shift to off-mall and rollout of key growth
banners. The Company has increased its planned rollout of
Global Community & Power Stores to approximately 300 locations
over the next three years. Additionally, WSS is expected to reach
$1 billion in annual sales by 2024,
supported by accelerated store openings and anticipated strong
same-store sales growth. The Company also expects to grow atmos
annual sales by approximately 50% to nearly $300 million, over the next three years by
scaling in existing markets and expanding internationally.
- Enhancing omni-channel evolution efforts. As part of
Foot Locker, Inc.'s investment in GOAT Group, the companies are in
active discussions to create programs aimed at enhancing the value
proposition and consumer experience of both platforms, including
creating a more intentional connection between the two companies
prioritizing loyalty and membership benefits. Separately, the
Company will be accelerating its roll out of drop ship across
vendors, banners and regions through 2022.
- New Cost-Savings Program. The Company plans to implement
a cost reduction program expected to generate savings of
approximately $200 million on an
annualized basis. This program, which will commence in the
near-term, is intended to better align the Company's operating
structure to its expected annual revenue baseline entering 2023 and
to support profitable growth over time. The Company will provide
additional details and progress of this plan during its first
quarter earnings call.
Financial Outlook
The Company's full year 2022 outlook
is summarized in the table below.
Sales
Change
|
Down 4% to
6%
|
Comparable Sales
Growth
|
Down 8% to
10%
|
Square Footage
Growth
|
Down 1% to
2%
|
Gross
margin
|
30.1% to
30.3%
|
SG&A
rate
|
20.2% to
20.4%
|
D&A
|
~$210
million
|
Interest
|
~$22
million
|
Tax Rate
|
~28.7%
|
Non-GAAP
EPS
|
$4.25-$4.60
|
Capital
Expenditures
|
Up to $275
million
|
Included in the outlook is the change in vendor mix expected in
the fourth quarter of 2022 and the comparison against 2021's fiscal
stimulus, partially offset by the Company's ongoing and accelerated
strategies to broaden its mix across brands, categories and
channels, growth in WSS and atmos, as well as the pending cost
savings plan.
Andrew Page, Executive Vice
President and Chief Financial Officer, said, "As we look to 2022,
Foot Locker, Inc. is operating from a strong financial position and
we continue to benefit from substantial flexibility in our real
estate portfolio, allowing us to pivot our store footprint more
easily as we amplify and optimize our omni-channel offerings. With
the help of our external partners, we are looking to drive even
more efficiency as we ensure alignment of our capital spend, cost
structure and organization design in support of our strategic
imperatives."
Any restructuring-related charges in 2022 as a result of the
announced cost-savings program would be excluded from non-GAAP
results.
Financial Position and 2022 Capital Allocation
Plans
As of January 29, 2022, the Company's merchandise
inventories were $1.3 billion, 37.2% higher than at the end of
the fourth quarter last year. Using constant currencies, inventory
increased by 39.3%, putting the Company in a strong position to
meet demand headed into 2022. At quarter-end, the Company's
cash and cash equivalents totaled $804 million, while debt on
its balance sheet was $457 million.
The Company's total cash position, net of debt, was $347 million, as compared with $1.6 billion last year. During the fourth quarter
of 2021, the Company repurchased 4.0 million shares for $178
million, paid a quarterly dividend of $0.30 per share,
for a total of $29 million, invested $325
million for the acquisition of atmos, and paid down debt of
$98 million. For full-year 2021, the
Company repurchased 7.5 million shares for a total of
$348 million and paid a total
of $101 million in dividends.
The Board of Directors approved a $275
million capital expenditures program for 2022. Further, the
Board of Directors declared a quarterly cash dividend on the
Company's common stock of $0.40 per
share, a 33% increase from the prior $0.30 per share, back to pre-pandemic
levels. The Dividend will be payable on April 29, 2022 to shareholders of record on
April 14, 2022. The Board will
continue to evaluate the dividend program on a quarterly
basis. The Board has also authorized a new share repurchase
program for the repurchase of up to $1.2
billion of Foot Locker, Inc.'s outstanding common stock.
Store Base Update
During the fourth quarter, the
Company opened 60 new stores, acquired 38 atmos stores, remodeled
or relocated 115 stores, and closed 76 stores. Additionally,
we closed 120 Footaction stores, of which we converted 45 stores to
other banners.
As of January 29, 2022, the
Company operated 2,858 stores in 28 countries in North
America, Europe, Asia, Australia, and New Zealand. In addition,
142 franchised stores were operating in the Middle East
and Asia.
Conference Call and Webcast
The Company is hosting a
live conference call at 9:00 a.m. ET
today, Friday, February 25, 2022, to
review these results and outlook and provide an update on the
business. This conference call may be accessed live by calling
toll-free 1-844-701-1163 or international toll 1-412-317-5490, or
via the Investor Relations section of the Foot Locker, Inc. website
at https://www.footlocker-inc.com. Please log on to the website 15
minutes prior to the call to register. An archived replay of the
conference call can be accessed approximately one hour following
the end of the call at 1-877-344-7529 in the U.S. or 1-855-669-9658
in Canada or 1-412-317-0088
internationally with passcode 7575000 through March 11, 2022. A replay of the call will also be
available via webcast from the same Investor Relations section of
the Foot Locker, Inc. website at
https://www.footlocker-inc.com.
Disclosure Regarding Forward-Looking
Statements
This report contains forward-looking statements within the
meaning of the federal securities laws. Other than statements
of historical facts, all statements which address activities,
events, or developments that the Company anticipates will or may
occur in the future, including, but not limited to, such things as
future capital expenditures, expansion, strategic plans, financial
objectives, dividend payments, stock repurchases, growth of the
Company's business and operations, including future cash flows,
revenues, and earnings, and other such matters, are forward-looking
statements. These forward-looking statements are based on our
current expectations and beliefs concerning future developments and
their potential effect on us, which are detailed in the Company's
filings with the U.S. Securities and Exchange Commission.
These forward-looking statements are based largely on our
expectations and judgments and are subject to a number of risks and
uncertainties, many of which are unforeseeable and beyond our
control. For additional discussion on risks and uncertainties that
may affect forward-looking statements, see "Risk Factors" disclosed
in the Company's Annual Report on Form 10-K for the year ended
January 30, 2021 filed on
March 25, 2021 and Quarterly Report
on Form 10-Q for the quarter ended October
30, 2021 filed on December 8,
2021. Any changes in such assumptions or factors could
produce significantly different results. The Company undertakes no
obligation to update forward-looking statements, whether as a
result of new information, future events, or otherwise.
FOOT LOCKER,
INC. Consolidated Statements of
Operations (unaudited)
Periods ended
January 29, 2022 and January 30, 2021 (In millions,
except per share amounts)
|
|
|
|
Fourth
Quarter
|
|
Fiscal
Year
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Sales
|
|
$
|
2,341
|
|
$
|
2,189
|
|
$
|
8,958
|
|
$
|
7,548
|
Cost of
sales
|
|
|
1,568
|
|
|
1,465
|
|
|
5,878
|
|
|
5,365
|
Selling, general and
administrative expenses
|
|
|
525
|
|
|
460
|
|
|
1,851
|
|
|
1,587
|
Depreciation and
amortization
|
|
|
55
|
|
|
44
|
|
|
197
|
|
|
176
|
Impairment and other
charges
|
|
|
75
|
|
|
59
|
|
|
172
|
|
|
117
|
Income from
operations
|
|
|
118
|
|
|
161
|
|
|
860
|
|
|
303
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
|
(6)
|
|
|
(2)
|
|
|
(14)
|
|
|
(7)
|
Other income,
net
|
|
|
35
|
|
|
1
|
|
|
394
|
|
|
198
|
Income before income
taxes
|
|
|
147
|
|
|
160
|
|
|
1,240
|
|
|
494
|
Income tax
expense
|
|
|
45
|
|
|
37
|
|
|
348
|
|
|
171
|
Net income
|
|
$
|
102
|
|
$
|
123
|
|
$
|
892
|
|
$
|
323
|
Net loss attributable
to noncontrolling interests
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
Net income
attributable to Foot Locker, Inc.
|
|
$
|
103
|
|
$
|
123
|
|
$
|
893
|
|
$
|
323
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
|
$
|
1.02
|
|
$
|
1.17
|
|
$
|
8.61
|
|
$
|
3.08
|
Weighted-average
diluted shares outstanding
|
|
|
100.6
|
|
|
105.2
|
|
|
103.8
|
|
|
105.1
|
Non-GAAP Financial Measures
In addition to reporting the Company's financial results in
accordance with generally accepted accounting principles ("GAAP"),
the Company reports certain financial results that differ from what
is reported under GAAP. We have presented certain financial
measures identified as non-GAAP, such as sales changes excluding
foreign currency fluctuations, adjusted income before income taxes,
adjusted net income, and adjusted diluted earnings per share.
We present certain amounts as excluding the effects of foreign
currency fluctuations, which are also considered non-GAAP measures.
Where amounts are expressed as excluding the effects of foreign
currency fluctuations, such changes are determined by translating
all amounts in both years using the prior-year average foreign
exchange rates. Presenting amounts on a constant currency basis is
useful to investors because it enables them to better understand
the changes in our business that are not related to currency
movements.
These non-GAAP measures are presented because we believe they
assist investors in comparing our performance across reporting
periods on a consistent basis by excluding items that we do not
believe are indicative of our core business or affect
comparability. In addition, these non-GAAP measures are useful in
assessing our progress in achieving our long-term financial
objectives.
We estimate the tax effect of all non-GAAP adjustments by
applying a marginal tax rate to each of the respective items. The
income tax items represent the discrete amount that affected the
period.
FOOT LOCKER,
INC.
Non-GAAP Reconciliation
(unaudited)
Periods ended
January 29, 2022 and January 30, 2021 (In millions,
except per share amounts)
|
|
The non-GAAP
financial information is provided in addition to, and not as an
alternative to, our reported results prepared in accordance with
GAAP. The various non-GAAP adjustments are summarized in the tables
below.
|
|
Reconciliation of
GAAP to non-GAAP results:
|
|
|
|
Fourth
Quarter
|
|
Fiscal
Year
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Pre-tax
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
$
|
147
|
|
$
|
160
|
|
$
|
1,240
|
|
$
|
494
|
Pre-tax adjustments
excluded from GAAP:
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment and other
charges (1)
|
|
|
75
|
|
|
59
|
|
|
172
|
|
|
117
|
Other income, net
(2)
|
|
|
(3)
|
|
|
—
|
|
|
(306)
|
|
|
(190)
|
Adjusted income
before income taxes (non-GAAP)
|
|
$
|
219
|
|
$
|
219
|
|
$
|
1,106
|
|
$
|
421
|
|
|
|
|
|
|
|
|
|
|
|
|
|
After-tax
income:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
|
|
$
|
103
|
|
$
|
123
|
|
$
|
893
|
|
$
|
323
|
After-tax adjustments
excluded from GAAP:
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment and other
charges, net of income tax benefit of $18,
$15, $42, and $24 million, respectively (1)
|
|
|
57
|
|
|
44
|
|
|
130
|
|
|
93
|
Other income, net - net
of income tax expense of $1, $-, $80, and
$50 million, respectively (2)
|
|
|
(2)
|
|
|
—
|
|
|
(226)
|
|
|
(140)
|
Tax charge related to
revaluation of certain intellectual property
rights (3)
|
|
|
11
|
|
|
1
|
|
|
11
|
|
|
25
|
Tax benefit related to
tax law rate changes (4)
|
|
|
(1)
|
|
|
(5)
|
|
|
(1)
|
|
|
(5)
|
Adjusted net income
(non-GAAP)
|
|
$
|
168
|
|
$
|
163
|
|
$
|
807
|
|
$
|
296
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourth
Quarter
|
|
Fiscal
Year
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
Earnings per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share
|
|
$
|
1.02
|
|
$
|
1.17
|
|
$
|
8.61
|
|
$
|
3.08
|
Diluted EPS amounts
excluded from GAAP:
|
|
|
|
|
|
|
|
|
|
|
|
|
Impairment and other
charges (1)
|
|
|
0.57
|
|
|
0.42
|
|
|
1.24
|
|
|
0.87
|
Other income, net
(2)
|
|
|
(0.02)
|
|
|
—
|
|
|
(2.18)
|
|
|
(1.33)
|
Tax charge related to
revaluation of certain intellectual property
rights (3)
|
|
|
0.11
|
|
|
0.01
|
|
|
0.11
|
|
|
0.24
|
Tax law rate changes
(4)
|
|
|
(0.01)
|
|
|
(0.05)
|
|
|
(0.01)
|
|
|
(0.05)
|
Adjusted diluted
earnings per share (non-GAAP)
|
|
$
|
1.67
|
|
$
|
1.55
|
|
$
|
7.77
|
|
$
|
2.81
|
FOOT LOCKER,
INC.
Non-GAAP Reconciliation
(unaudited)
Periods ended
January 29, 2022 and January 30, 2021 (In millions,
except per share amounts)
|
|
Notes on Non-GAAP
Adjustments:
|
|
(1)
|
During the thirteen
and fifty-two weeks ended January 29, 2022, the Company recorded
pre-tax charges of $75 million and $172 million, respectively,
classified as Impairment and Other Charges. This compares with
charges of $59 million and $117 million recognized for the thirteen
and fifty-two weeks ended January 30, 2021,
respectively.
|
|
|
|
|
Impairment of
long-lived assets and right-of-use assets were $40 million and $92
million for the thirteen and fifty-two weeks ended January 29,
2022, respectively. During the second quarter of 2021, we
conducted an impairment review of Footaction stores as a result of
the Company's decision to convert a portion of the stores to other
existing banner concepts and close the remaining stores. The
Company evaluated the long-lived assets, including the right-of-use
assets and recorded non-cash charges to write down store fixtures,
leasehold improvements, and right-of-use assets for approximately
60 locations. Further, we accelerated tenancy charges for leases we
expect to terminate prior to the end of the lease term. Related to
Footaction, we recorded charges of $39 million, $13 million, and
$14 million for the second, third, and fourth quarters,
respectively. During the fourth quarters of 2021 and 2020, we
conducted impairment reviews of underperforming stores and recorded
impairment charges of $26 million and $62 million, respectively, to
write down store fixtures, leasehold improvements, and right-of-use
assets. The prior year amount also included charges totaling $15
million related to certain Runners Point and Sidestep stores and
other underperforming stores in Europe.
|
|
|
|
|
The Company recorded
acquisition and integration costs of $10 million and $24 million
for the thirteen and fifty-two weeks ended January 29, 2022,
respectively, which primarily represented investment banking fees
and third-party integration services related to the WSS and atmos
acquisitions.
|
|
|
|
|
Impairment of
minority investments were $10 million and $42 million for the
thirteen and fifty-two weeks ended January 29, 2022, respectively.
Included in the prior year was a fourth quarter charge of $4
million. These charges were necessitated by the investee's
continued losses and updated estimates of value.
|
|
|
|
|
Additionally, the
thirteen and fifty-two weeks ended January 29, 2022, included $11
million and $15 million, respectively, of lease-related termination
costs for several locations. Support function reorganization costs,
primarily severance, totaled $2 million and $4 million for the
thirteen and fifty-two weeks ended January 29, 2022, respectively.
Prior year reorganization costs totaled $4 million and $7 million
thirteen and fifty-two weeks ended January 30, 2021,
respectively.
|
|
|
|
|
Other charges
included:
|
|
•
|
A charge of $2
million related to a tradename impairment recorded in the fourth
quarter of 2021,
|
|
•
|
$19 million of
charges related to the shutdown of the Runners Point business
recorded during 2020, and
|
|
•
|
$2 million related to
administrative costs associated with the pension plan reformation
recorded during 2020.
|
|
|
|
|
Partially offsetting
these losses and charges was $14 million of additional
insurance recoveries recorded in 2021, $7 million of which was
classified in impairment and other charges as it relates to the
book value of property losses recorded in 2020. In 2020, the
Company recorded net losses of $8 million, representing losses
of $19 million offset, in part, by a partial insurance recovery
recorded in the fourth quarter of 2020 of $11 million.
|
|
|
|
(2)
|
One of our minority
investments, GOAT, which is measured using the fair value
measurement alternative, received additional funding at a higher
valuation resulting in a $290 million fair value adjustment in the
second quarter. Additionally, during the second quarter, we
acquired a minority stake in a public entity, Retailors Ltd., at an
initial discount of $9 million. Due to the infrequent and
nonrecurring nature of the gain and discount, respectively, the
income was removed to arrive to non-GAAP earnings. Other income for
the thirteen weeks and fifty-two weeks ended January 29, 2022 also
included $3 million and $7 million, respectively related to
our insurance recovery from the 2020 social unrest, which is the
amount by which the recovery exceeded the book value losses
previously recorded.
|
|
|
|
|
For the fifty-two
weeks ended January 30, 2021, the Company recorded non-cash gains
of $190 million, or $140 million after-tax. This income was related
to our minority investment in GOAT in connection with funding at a
higher valuation.
|
|
|
|
(3)
|
During the fourth
quarter of 2021, the Company recorded an $11 million charge in
connection with the revaluation of certain intellectual property
rights, pursuant to a non-U.S. advance pricing agreement. During
the first quarter of 2020, the Company recorded a $27 million tax
charge related to the same agreement. Due to the improved financial
outlook during the second and third quarters of 2020, the Company
reversed $2 million and $1 million, respectively, of the
revaluation charge.
|
|
|
(4)
|
The Company recorded
tax benefits of $1 million and $5 million during the fourth
quarters of 2021 and 2020, respectively, in connection with tax law
changes in the Netherlands. 
|
FOOT LOCKER,
INC.
Consolidated Balance Sheets (unaudited) (In
millions)
|
|
|
|
January 29,
|
|
January 30,
|
|
|
2022
|
|
2021
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
804
|
|
$
|
1,680
|
Merchandise
inventories
|
|
|
1,266
|
|
|
923
|
Other current
assets
|
|
|
306
|
|
|
232
|
|
|
|
2,376
|
|
|
2,835
|
Property and
equipment, net
|
|
|
917
|
|
|
788
|
Operating lease
right-of-use assets
|
|
|
2,616
|
|
|
2,716
|
Deferred
taxes
|
|
|
86
|
|
|
101
|
Goodwill
|
|
|
785
|
|
|
159
|
Other intangible
assets, net
|
|
|
454
|
|
|
17
|
Minority
investments
|
|
|
781
|
|
|
337
|
Other
assets
|
|
|
121
|
|
|
90
|
|
|
$
|
8,136
|
|
$
|
7,043
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Accounts
payable
|
|
$
|
596
|
|
$
|
402
|
Accrued and other
liabilities
|
|
|
574
|
|
|
560
|
Current portion of
long-term debt and obligations under finance leases
|
|
|
6
|
|
|
102
|
Current portion of
lease obligations
|
|
|
572
|
|
|
580
|
|
|
|
1,748
|
|
|
1,644
|
Long-term debt and
obligations under finance leases
|
|
|
451
|
|
|
8
|
Long-term lease
obligations
|
|
|
2,363
|
|
|
2,499
|
Other
liabilities
|
|
|
331
|
|
|
116
|
Total
liabilities
|
|
|
4,893
|
|
|
4,267
|
Total shareholders'
equity
|
|
|
3,243
|
|
|
2,776
|
|
|
$
|
8,136
|
|
$
|
7,043
|
FOOT LOCKER,
INC. Store Count and Square
Footage (unaudited)
|
|
Store activity is
as follows:
|
|
|
|
January 30,
|
|
|
|
|
|
January 29,
|
|
Relocations/
|
|
|
2021
|
|
Opened
|
|
Closed
|
|
2022
|
|
Remodels
|
Foot Locker
U.S.
|
|
848
|
|
24
|
|
70
|
|
802
|
|
63
|
Foot Locker
Europe
|
|
624
|
|
29
|
|
27
|
|
626
|
|
32
|
Foot Locker
Canada
|
|
101
|
|
1
|
|
7
|
|
95
|
|
8
|
Foot Locker
Pacific
|
|
93
|
|
3
|
|
2
|
|
94
|
|
13
|
Foot Locker
Asia
|
|
20
|
|
10
|
|
—
|
|
30
|
|
—
|
Kids Foot
Locker
|
|
422
|
|
18
|
|
30
|
|
410
|
|
37
|
Lady Foot
Locker
|
|
35
|
|
—
|
|
21
|
|
14
|
|
—
|
Champs
Sports
|
|
539
|
|
12
|
|
26
|
|
525
|
|
23
|
Footaction
|
|
240
|
|
—
|
|
199
|
|
41
|
|
—
|
Sidestep
|
|
76
|
|
16
|
|
6
|
|
86
|
|
5
|
WSS
(1)
|
|
—
|
|
100
|
|
2
|
|
98
|
|
—
|
atmos
(2)
|
|
—
|
|
38
|
|
1
|
|
37
|
|
1
|
Total
|
|
2,998
|
|
251
|
|
391
|
|
2,858
|
|
182
|
|
(1) The Company acquired 93 existing WSS stores in
September 2021.
|
(2) The Company acquired 38 existing atmos stores in
November 2021.
|
|
Selling and gross
square footage are as follows:
|
|
|
|
|
|
January 30, 2021
|
January 29, 2022
|
(in
thousands)
|
|
|
|
Selling
|
|
Gross
|
|
Selling
|
|
Gross
|
Foot Locker
U.S.
|
|
|
|
2,409
|
|
4,203
|
|
2,402
|
|
4,155
|
Foot Locker
Europe
|
|
|
|
1,016
|
|
2,176
|
|
1,074
|
|
2,249
|
Foot Locker
Canada
|
|
|
|
255
|
|
422
|
|
253
|
|
416
|
Foot Locker
Pacific
|
|
|
|
166
|
|
260
|
|
188
|
|
294
|
Foot Locker
Asia
|
|
|
|
79
|
|
141
|
|
114
|
|
199
|
Kids Foot
Locker
|
|
|
|
736
|
|
1,265
|
|
748
|
|
1,274
|
Lady Foot
Locker
|
|
|
|
51
|
|
85
|
|
15
|
|
38
|
Champs
Sports
|
|
|
|
1,946
|
|
3,033
|
|
1,905
|
|
2,985
|
Footaction
|
|
|
|
758
|
|
1,240
|
|
113
|
|
190
|
Sidestep
|
|
|
|
88
|
|
157
|
|
104
|
|
196
|
WSS
|
|
|
|
—
|
|
—
|
|
958
|
|
1,217
|
atmos
|
|
|
|
—
|
|
—
|
|
36
|
|
63
|
Total
|
|
|
|
7,504
|
|
12,982
|
|
7,910
|
|
13,276
|
Contact:
Robert Higginbotham
Vice President, Investor Relations
Foot Locker, Inc.
robert.higginbotham@footlocker.com
(212) 720-4600
View original
content:https://www.prnewswire.com/news-releases/foot-locker-inc-reports-2021-fourth-quarter-and-full-year-results-provides-2022-outlook-and-long-term-strategy-update-301490365.html
SOURCE Foot Locker IR