Foot Locker Inc. (New York) announced its first quarter financial results along with the news that the company plans to transition one-third of its Footaction locations into other Foot Locker banners during the course of the year. The majority of remaining stores will be permanently closed after their leases run out over the next two years, according to a company press release.
As of May 1, the retailer has 2952 stores spread across 27 countries, as well as 131 franchised locations in the Middle East. During the first quarter, the company says it remodeled or relocated 15 stores, closed 58 and opened 12 new stores.
According to the same press release, the company’s comparable store sales for the first quarter increased by 80.3 percent.
Richard Johnson, Chair and CEO of Foot Locker says, “I am extremely pleased with the strength of our performance in the first quarter, compared not only to last year’s heavily Covid impacted first quarter, but also relative to the first quarter of 2019. Against the ongoing challenges of pandemic-related store closures in Europe and Canada and U.S. ports congestion, our top and bottom-line results were nothing short of exemplary.”