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Foot Locker Q2 net income $45 million

Christian Fernsby ▼ | August 21, 2020
Foot Locker reported financial results for its second quarter ended August 1, 2020.
Foot Locker
Foot Locker   Second quarter comparable store sales increased 18.6 percent
Net income for the Company's second quarter of 2020 was $45 million.

Topics: Foot Locker

Included in these results are the following pre-tax charges: 1) $19 million related to the wind down of the Runners Point banner and the Eastbay restructuring, 2) $18 million for costs incurred in connection with the recent social unrest, and 3) $1 million related to administrative costs for its previously disclosed pension matter.

Second quarter comparable store sales increased 18.6 percent.

Total second quarter sales increased 17.1 percent, to $2,077 million, compared to sales of $1,774 million for the corresponding prior-year period.

Excluding the effect of foreign exchange rate fluctuations, total sales for the second quarter of 2020 increased 17.3 percent. The Company's gross margin rate decreased to 25.9 percent from 30.1 percent a year ago.