Foot Locker closes 56 stores as it swings to loss in Q1

Foot Locker enacted a series of global store closures in the first quarter ended May 3, 2025, as it swung into a loss amid declining sales. The company, which earlier this month announced it was to be acquired by US sports retailer Dick’s Sporting Goods, said that it closed 56 stores over the reported period.

These included locations in South Korea, Denmark, Norway, Sweden, Greece and Romania. Notably, for the latter two regions, Foot Locker sold its licensed operations to its licensing partner in April 2025.

The closures fell alongside the opening of nine new stores, as well as the remodel and relocation of 11 stores, with a further 69 locations receiving the brand’s updated design standards.

This reflected the continued roll out of Foot Locker’s ‘Reimagined and Refresh’ programmes, designed to “elevate our in-store experience”, CEO Mary Dillon said in a release.

Ahead of Dick’s acquisition, Foot Locker tackles falling sales

With this, Foot Locker reaffirmed its Q1 results, already outlined on a preliminary basis earlier this month, which Dillon had said fell “below our expectations as we experienced softer traffic trends globally”.

Total sales were down 4.6 percent to 1.79 billion dollars, while comparable sales decreased 2.6 percent. This drop was particularly impacted by an 8.5 percent decrease in comparable sales for Foot Locker’s international business, compared to a more marginal 0.5 percent drop in North American sales.

Most notably, Foot Locker swung to a loss during Q1. The company fell from a net income of eight million dollars in the same period of the year prior to a net loss of 363 million dollars.

On a non-GAAP basis, net loss came to six million dollars. First quarter net loss per share amounted to 3.81 dollars, compared with earnings per share of 0.09 dollars in the first quarter of 2024.