Foot Locker, Inc. held its First Quarter Earnings Conference Call on Monday, May 21st. During the briefing, Foot Locker Chairman and Chief Executive Officer, Richard “Dick” Johnson, shared a number of figures that exceeded projections coming into 2021. Alongside news that revenue increased 82% year-over-year (to $2.15 billion) and that Foot Locker’s digital business grew 43% on a comparable company analysis, a report regarding the future of remaining Footaction retail locations was shared.
Acquired by the umbrella company in 2004, Footaction has historically served as Foot Locker’s lifestyle-oriented counterpart. Although both shops carried mutual products, the former also stocked Nike Dunk and other Nike Sportswear classics. Over the last decade, the 45-year-old brand noticeably transitioned from a “boutique” experience to one that focused on performance basketball. All throughout the country, Footaction locations have been expanded to include Flight 23, a segment dedicated to the Air Jordan line and wider Brand Jordan range of products similar to Foot Locker’s House of Hoops endeavor.
“We are currently in the process of assessing the Footaction fleet to determine the best decision for each location,” said Johnson during the call. “Approximately one third of the top performance Footaction locations will be made into new Foot Locker stores establishing a bolder women’s and kids presence, as well as new Champ Sports and Kids Foot Locker stores. We are excited about the opportunities to expand our women’s and kids presence within our [F]oot [L]ocker and Champs Sports stores.”
With Footaction’s brick-and-mortar locations being restructured, there’s no word as to whether or not the retailer’s online presence will also shut down. What’s certain, however, is that Foot Locker, Inc.’s decision to close its subsidiary’s locales has been prompted by strategy, not money. And with a pledge to further cater to women and kids, it’s likely the remainder of the year will bring even more success and dominance to Foot Locker within the footwear and sportswear space.
For more sneaker news, check out the anticipated Holiday 2021 Jordans.
Source: yahoo! Finance
Image: Foot Locker