Foot Locker Shares Earnings Report for Q2 2021 and Experiences Surge in Stock Prices
Foot Locker recently observed a significant rise in its share prices. The data shows that the rise in its share prices was experienced on Friday, August 20, 2021. According to the data analysis report, around a 10% surge has been observed in the share prices for the company.
It has been reported that the surge in Foot Locker share prices was observed due to the earnings report shared by the company for the second quarter of 2021. While sharing details around the earnings report for Q2 2021, Foot Locker has revealed that its earnings for the respective quarter were above expectations.
According to Foot Locker, the company’s earnings in the second quarter of 2021 have been much higher than the figures estimated/predicted by the analysts. After sharing the earnings report for the second quarter of 2021, and the company has also expressed high optimism for sales in the upcoming quarter.
The company has revealed that even during the pandemic, they have observed consistent growth in their business. Despite minor upsets, the overall performance of the company has been in positive figures. The company continued generating high sales even throughout the pandemic for its workout apparel and athletic footwear.
The firm revealed that while it observed a significant rise in sales for workout apparel and athletic footwear, other segments have not performed as well as these segments. Other segments that Foot Locker mentioned for their underperformance were high heels and dress wear.
Foot Locker also revealed that as the pandemic is going away and schools are about to open up, they are observing high sales for sneakers. The firm announced that they are anticipating a significant rise in sales for Adidas and Nike sneakers. These would be mainly for the kids who will soon be going back to their schools after studying from home for more than a year.
For the second quarter of 2021, Foot Locker revealed that its net income was $4.09 per share, or $430 million. According to analysts, the company had reported a rise of 43 cents per share or just $45 million in the same quarter of last year.
Furthermore, the revenue Foot Locker had generated for the particular quarter of last year was $2.08 billion. However, the company has generated a total of $2.28 billion worth of revenue in the second quarter of 2021. According to stats, this is a 9.5% increase the company has observed in a matter of 12-months.
Foot Locker also reported its comparable store sales for the second quarter of 2021 that experienced an increase of 6.9% compared to the same quarter of 2020. However, the firm reported that it was expecting a 0.2% decline in comparable-store sales.