Reports Q3 revenue $1.96B, consensus $2B. Comparable sales increased by 2.4%, including global Foot Locker (FL) and Kids Foot Locker comparable sales growth of 2.8%. Mary Dillon, president and CEO, said, “Our team’s continued focus on execution drove positive comparable sales trends and meaningful gross margin expansion in the quarter. However, our third quarter top- and bottom-line performance fell short of our expectations. Consumer spending trends softened following the peak Back-to-School period in August, and the promotional environment was more elevated than anticipated. At the same time, we continued to demonstrate progress with our Lace Up Plan, including further cementing our leadership position at the heart of basketball and sneaker culture. In the quarter, we continued the rollout of our Foot Locker ‘Home Court’ experience in collaboration with Nike and Jordan Brand, and we also announced a multi-year partnership with the legendary Chicago Bulls franchise.”
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