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we now expect our gross margin to decline by 310 basis points to 330 basis points to 28.6% to 28.8%
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2023 Q1
20 May 23
We now expect comps to decline by 7.5% to 9% compared to the prior range of down 3.5% to down 5.5%.
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2023 Q1
20 May 23
For the year including the extra week, we are lowering our guidance for non-GAAP EPS to the range of $2 to $2.25, down from our prior range of $3.35 to $3.65
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2023 Q1
20 May 23
2023 was always going to be a reset year for us, we now expect a sharper decline in both sales and earnings this year due to steeper macro headwinds
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2023 Q1
20 May 23
we increased our promotional activity late in the first quarter and more so in the second quarter and we expect that level of promotional activity to continue through the balance of the yea
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2023 Q1
20 May 23
We've seen and measured the lift and impact of those promotions throughout April and the first couple of weeks of May
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2023 Q1
20 May 23
soft trends that began in April and have continued into May
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2023 Q1
20 May 23
April improved to download single digits on a stronger launch calendar
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2023 Q1
20 May 23
softer-than-expected trends that materialize beginning in April and have continued into May
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2023 Q1
20 May 23
Heightened promotional activity is expected to continue into the back half, but March margin comparison ease resulted in moderating gross margin pressure compared to the first half.
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2023 Q1
20 May 23
both February and March were down low-double digits given the drag from lower income tax refunds, which were down on average by about 10% in addition to the reset with Nike and the repositioning of Champs
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2023 Q1
20 May 23
driven mainly by traffic declines, but also from conversion and some pressure on average ticket
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2023 Q1
20 May 23
As we moved into April, we began aggressive promotions to help stimulate demand and move through inventory.
While macro factors, in addition to our reset with Nike and our Champs transition resulted in steep comp declines
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2023 Q1
20 May 23
In Asia Pacific, comps increased 8.9%, more in line with our expectations. With Foot Locker banner comps up 11.2%, driven by successful brand diversification efforts and tourism returning to Asia.
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2023 Q1
20 May 23
Our WSS banner focused on the Latino consumer outperformed other banners but comps were still down 3.4%, as the macro environment has put particular pressure on lower household income consumers.
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2023 Q1
20 May 23
our current more distinct collection of five banners
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2023 Q1
20 May 23
the 10% decline in average tax refunds, which have an outsized impact on our business,
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2023 Q1
20 May 23
In North America, overall comps declined by 12.8%
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2023 Q1
20 May 23
comparable sales in our stores decreased 7.4%
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2023 Q1
20 May 23
At Foot Locker North America, comps fell by 5.5% with the consumer and product headwinds cited above
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2023 Q1
20 May 23