Foot Locker Reports Q1 EPS Beat, Provides Outlook

Foot Locker, Inc. (NYSE:FL) reported its Q1 results, with EPS coming in at $1.60, above the Street estimate of $1.51. Revenue came in at $2.18 billion, compared to the Street estimate of $2.21 billion.
The company raised its full 2022-year guidance for both comps and EPS, while noting that its customers continue to be resilient with no trade down happening at this time. The company expects 2022 EPS at the upper end of $4.25-$4.60, compared to the Street estimate of $4.41.
While the company does anticipate promotional activity to pick up from historically low levels last year, Q1 promotional cadence was lower than expected. Further, the supply chain headwind has been in line with management’s expectations with the $200 million annualized cost savings initiatives still set to kick in the H2.

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