Research Desk Line-up: Caleres Post Earnings Coverage

LONDON, UK / ACCESSWIRE / June 9, 2017 / Pro-Trader Daily publishes post-earnings coverage on Foot Locker, Inc. (NYSE: FL) following the Company's announcement of its first quarter fiscal 2017 financial results on May 19, 2017. The New York-based specialty athletic retailer reported a marginal increase in revenue. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at: http://protraderdaily.com/register/.

Get more of our free earnings reports coverage from other constituents of the Textile - Apparel Footwear & Accessories industry. Pro-TD has currently selected Caleres, Inc. (NYSE: CAL) for due-diligence and potential coverage as the Company reported on May 25, 2017, its financial results for Q1 2017. Register for a free membership today, and be among the early birds that get access to our report on Caleres when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on FL; also brushing on CAL. With the links below you can directly download the report of your stock of interest free of charge at:

http://protraderdaily.com/optin/?symbol=FL

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Earnings Reviewed

During Foot Locker's first quarter ended April 29, 2017, total sales increased 0.7%, to $2.00, compared with sales of $1.99 billion in the corresponding prior year's same period. Excluding the effect of foreign currency fluctuations, the Company's total sales for the reported quarter increased 1.8% on a y-o-y basis. Foot Locker's sales figures lagged behind analysts' consensus estimates of $2.02 billion.

For Q1 2017, Foot Locker's comparable-store sales increased 0.5% with the direct-to-customer segment delivering a solid performance, with an overall comparable sales gain of 12.1%, while the Company's stores posted a 1.2% comparable sales decline. Within direct-to-customer, sales at its store banners' dot-com business in the US were up high single digits, while Foot Locker's digital operations in Europe and Canada were both up strong double digits. Overall, the Company's direct-to-customer sales increased to 13.9% of total sales from 12.7% in Q1 2016.

For Q1 2017, Foot Locker's gross margin rate decreased to 34.0% of sales compared to 35.0% of sales in Q1 2016, while the selling, general, and administrative expense rate increased 30 basis points to 18.5% of sales.

Foot Locker's net income for Q1 2017 was $180 million, or $1.36 per share, compared with net income of $191 million, or $1.39 per share, in Q1 2016. The Company's earnings numbers fell short of Wall Street's expectations of $1.38 per share.

"The first quarter was one of our most profitable quarters ever, but it did fall short of our original expectations," said Richard Johnson, Chairman of the Board and Chief Executive Officer, "The slow start we experienced in February, which we believe was largely due to the delay in income tax refunds, was unfortunately not fully offset by much stronger sales in March and April. Nonetheless, we believe our banners remain at the center of a vibrant sneaker culture. We are confident that our customers have not lost their tremendous appetite for athletic footwear and apparel and that our position in the industry is stronger than ever."

Financial Position

At April 29, 2017, Foot Locker's merchandise inventories were $1.28 billion, higher by 1.5% compared to the year ago same quarter. On constant currencies basis, the Company's inventory increased 2.8%. Foot Locker's cash totaled $1.05 billion at the end of Q1 2017, while debt on its balance sheet was $127 million. The Company spent $38 million to repurchase 546 thousand shares during the reported quarter and paid a quarterly dividend of $0.31 per share.

Store Base Update

During Q1 2017, Foot Locker opened 30 new stores, remodeled or relocated 61 stores, and closed 39 stores. As of April 29, 2017, the Company operated 3,354 stores in 23 countries in North America, Europe, Australia, and New Zealand. Furthermore, 62 franchised Foot Locker stores were operating in the Middle-East and South Korea, as well as 15 franchised Runners Point stores in Germany.

Stock Performance

At the closing bell, on Thursday, June 08, 2017, Foot Locker's stock dropped 2.55%, ending the trading session at $53.88. A total volume of 3.71 million shares were traded at the end of the day, which was higher than the 3-month average volume of 2.38 million shares. The stock is trading at a PE ratio of 11.03 and has a dividend yield of 2.30%. The stock currently has a market cap of $7.23 billion.

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SOURCE: Pro-Trader Daily