As prepares for its acquisition by Dick’s Sporting Goods, the retailer released a look at its second quarter earnings.
According to the footwear retailer, total sales were down 2.4 percent in the second quarter of fiscal 2025 to $1.85 billion, as compared with sales of $1.90 billion in the second quarter of 2024.
Losses widened in the period as well. The company saw a net loss of $38 million in Q2, as compared with net loss of $12 million in the prior-year period.
What’s more, comparable sales decreased by 2.0 percent in Q2. One bright spot? Comps in North America generated a slight increase of 1.4 percent, which represented an improvement relative to the first quarter.
Additionally, this period represented the fourth consecutive quarter of positive comparable sales growth at the company’s Champs Sports banner, generating a comparable increase of 2.0 percent. Excluding WSS, comparable sales in North America increased by 2.6 percent. These gains were partially offset by comparable sales declines from our European and Asia Pacific businesses, which decreased by 10.3 percent, the company noted.
During the second quarter, the company opened two new stores and closed 11 stores. Also during the quarter, the company remodeled or relocated 14 stores and refreshed 52 stores to its updated design standards.
As of Aug. 2, the company said it operated 2,354 stores in 20 countries in North America, Europe, Asia, Australia, and New Zealand. In addition, 243 licensed stores were operating in the Middle East, Europe, and Asia.
Mary Dillon, chief executive officer of Foot Locker, said in a statement that the company built “sequential momentum” at the Foot Locker, Kids Foot Locker and Champs Sports banners, including a positive start to the back-to-school season in July.
“At the same time, our results reflect a challenging operating environment and soft store traffic trends, particularly in our WSS and international businesses,” Dillon said. “Our team continued to execute our Lace Up Plan, remaining focused on elevating our customers’ experiences by leveraging our strong brand partnerships, enhancing our store base through our Refresh and Reimagined programs, improving our digital platforms, and deepening global engagement through our FLX Rewards Program.”
This news comes one day after Dick’s Sporting Goods said that all required regulatory approvals to complete its $2.4 billion transaction to acquire Foot Locker have been received. The deal is expected to close on Sept. 8.