Foot Locker Inc. reported March 6 that total sales increased in its fiscal fourth quarter ended Feb. 3, 2024. However, full-year sales decreased by 8.5% year over year.

“As we continue evolving into a modern, omnichannel retailer for ‘all things sneakers,’ we are making important progress strengthening our brand partnerships, increasing customer engagement, transforming our real estate footprint, and driving growth in digital,” president and CEO Mary Dillon said in a statement.

The shoe retailer plans to close 40 stores in 2024, 15 of which will shutter in the first half of the year.

Foot Locker ranks No. 51 in the Top 1000, Digital Commerce 360’s database of North America’s leading online retailers. Within the database, Digital Commerce 360 categorizes it under Apparel & Accessories.

Foot Locker Q4 2023 sales

In Q4, Foot Locker total sales increased to $2.38 billion. That’s a 2% gain over $2.23 billion in Q4 2022. Comparable sales were nearly flat, dipping 0.7%. However, combined comparable sales increased 5.2% for the Foot Locker and Kids Foot Locker brands in North America.

21% of Foot Locker Q4 sales were from its loyalty program.

“To further build on our progress, we are leaning into strategic investments in digital, store experience, loyalty, and brand-building in 2024,” Dillon said in the statement. “The Foot Locker brand will celebrate its 50th anniversary later this year, and we are confident that our Lace Up Plan is positioning the Company for longer-term sustainable growth.”

The New York-based specialty athletic retailer’s net loss was $389 million in Q4 2023, versus $19 million in net income during the prior-year period.

Dillon said in a March 6 earnings call with investors that holiday sales performed better than expected. As a result, Foot Locker “proactively reinvested into selected markdowns, particularly in apparel to end the year in a solid inventory position. This enabled us to achieve leaner inventory levels versus our expectations and sets us up nicely to begin gross margin recovery in 2024.”

For the full year, Foot Locker sales decreased to $8.15 billion in 2023 from $8.75 billion in 2022.

Foot Locker digital sales

Foot Locker Q4 digital sales penetration was 19.5%, Dillon said. That excludes the now-shuttered Eastbay website.

In Q4, Foot Locker digital sales grew 8.9%. Including Eastbay, that growth shrinks to 5%. Dillon did not specify a correlating dollar amount.

Dillon said Foot Locker has outperformed goals for its digital platforms in Q4, including higher conversion levels and making double-digit gains in online customer acquisition. She did not attach numbers to those growth figures. However, she said Foot Locker’s “digital conversion continues to push towards new highs.”

Foot Locker plans to roll out a new mobile app in 2024.

Sales by brand

The Foot Locker brand’s sales grew to $961 million in Q4 2023, up 7.5% from $893 in Q4 2022. For the full year, Foot Locker-brand sales dropped 2.7% to $3.21 billion in 2023 from $3.30 billion in 2022.

Champs Sports sales fell 10.4% to $372 million in Q4 2023, from $415 million in the prior-year period. Its full-year sales fell at a faster rate, 22.2%, to $1.30 billion in 2023 from $1.68 billion in 2022.

Kids Foot Locker Q4 sales grew 11.5% year over year, to $214 million from $192 million. For the full year, Kids Foot Locker sales grew at a slower rate, 1.1%, to $716 million. That’s up from $708 million.

WSS sales grew as well in Q4, to $182 million. That’s up 9.6% year over year from $166 million. In 2023, they increased 6.8% to $640 million, from $604 in 2022.

Sales by region

In North America, Foot Locker’s consolidated sales grew 2.8% year over year in Q4 2023, to $1.73 billion from $1.68 billion. For the full year, though, they fell 8.5% to $5.87 billion from $6.42 billion.

In Europe, the Middle East and Africa (EMEA), Foot Locker Q4 sales grew year over year to $495 million from $480 million. They were relatively flat for the full year, growing to $1.73 billion from $1.72 million.

In Asia Pacific, Foot Locker Q4 sales fell to $156 million. That’s down 6.4% from $173 million in Q4 2022. Meanwhile, full-year sales decreased to $565 million. That’s down 2% from $602 million.

Foot Locker earnings

For the fiscal fourth quarter ended Feb. 3, 2024, Foot Locker reported:

• North American sales grew to $1.73 billion. That’s up 2.8% from $1.68 billion in the prior-year period. 
• The Foot Locker brand’s Q4 sales grew to $961 million in North America. That’s 7.5% year-over-year growth over $893 million in Q4 2022.
• Consolidated global sales increased to $2.38 billion. That’s up 1.5% from $2.33 billion in 2022.
• Foot Locker digital sales grew 8.9%.

For the 12 months ended Feb. 3, 2024, Foot Locker reported:

• North American sales fell to $5.87 billion. That’s down 8.5% from $6.42 billion in the prior year. 
• The Foot Locker brand’s full-year sales dropped to $3.21 billion in North America. That’s 7.5% year-over-year growth over $893 million in Q4 2022.
• Consolidated global sales also fell, to $8.15 billion. That’s down 7% from $8.75 billion in 2022.

Percentage changes may not align exactly with dollar figures due to rounding. Check back for more earnings reports.

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