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Foot Locker Q2 net income $60 million

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Christian Fernsby ▼ | August 26, 2019
Foot Locker posted financial results for its second quarter ended August 3, 2019.
Foot Locker
Foot Locker   Non-GAAP earnings were $0.66 per share
Net income for Foot Locker's second quarter of 2019 was $60 million, or $0.55 per share, compared to net income of $88 million, or $0.75 per share in the corresponding prior-year period.

Topics: Foot Locker

Included in these results are: 1) a $13 million charge related to the lease termination costs incurred in connection with the closure of certain SIX:02 locations, 2) a $1 million charge recorded in connection with the company's pension matter, and 3) a $2 million tax charge in connection with U.S. tax reform.

Excluding these items, non-GAAP earnings were $0.66 per share and $0.75 per share for the second quarter of 2019 and 2018, respectively.

A reconciliation of GAAP to non-GAAP results is included in the tables below.

Second quarter comparable-store sales increased 0.8 percent.

Total second quarter sales decreased 0.4 percent, to $1,774 million, compared to sales of $1,782 million for the corresponding prior-year period.

Excluding the effect of foreign exchange rate fluctuations, total sales for the second quarter of 2019 increased 0.8 percent.

Foot Locker's gross margin rate decreased to 30.1 percent from 30.2 percent a year ago.