Thu, Mar 27, 8:25 PM (30 days ago)
### Summary of Foot Locker, Inc. (FL) 2024 Annual Report **Financial Performance:** - **Revenue:** $7,971 million, a 2.2% decrease from 2023. - **Net Income:** $12 million, a significant improvement from a loss of $330 million in 2023. - **Earnings per Share (EPS):** $0.13, up from a loss of $3.51 in 2023. - **Gross Margin:** 28.9%, an increase from 27.7% in 2023. - **Operating Expenses:** $1,920 million, a 3.7% increase from 2023. - **Capital Expenditures:** $240 million, primarily for store remodeling and technology initiatives. **Strategic Overview:** - **Lace Up Strategic Plan:** Focuses on elevating, optimizing, and standardizing store experiences, with 8 "Reimagined" concept stores across North America, Europe, Asia, and Australia. - **Omni-Channel Capabilities:** Investments in e-commerce and supply chain to create seamless shopping experiences. - **Store Portfolio:** 2,410 stores in 26 countries, with a focus on off-mall locations to improve occupancy costs. **Future Outlook:** - **2025 Capital Plan:** Focus on refreshing the store portfolio, with 80 additional "Reimagined" stores planned. - **Technology Initiatives:** Continued investment in technology and supply chain to enhance customer experience. **Risk Factors:** - **Supplier Dependence:** 85% of merchandise from top five suppliers, with 59% from Nike. - **Economic Uncertainty:** Vulnerability to economic downturns, changes in consumer spending, and global economic conditions. - **Competition:** Highly competitive athletic footwear and apparel industry. **Financial Condition:** - **Cash and Cash Equivalents:** $401 million, an increase from $297 million in 2023. - **Debt:** $446 million in long-term debt and obligations under capital leases. - **Credit Ratings:** BB (Standard & Poor's) and Ba3 (Moody's Investors Service). **Market Position Changes:** - **Store Closures:** 139 underperforming stores closed in 2024. - **Expansion:** Focus on increasing off-mall locations to 50% of the North American fleet. **Ticker:** FL **Full Name:** Foot Locker, Inc. **Note:** All amounts are in thousands, 000s.