Foot Locker shares got a lift in pre-market trading after the retailer revealed a strong fourth-quarter performance and teased its long-term strategic plan.
that under Dillon’s stewardship, the Nike-Foot Locker partnership could be restored to some of its former glory.
While Nike will remain a key brand partner for Foot Locker, Santaella and Dillon noted the retailer plans to lean into other brands such as Adidas, Puma, New Balance, Crocs, Hoka, On and Under Armour. For fiscal years 2024 through 2026, Foot Locker expects total sales growth of between 5 percent and 6 percent, comparable sales growth of between 3 percent and 4 percent and adjusted EPS growth in the low- to mid-20s.
In addition to a renewed focus on basketball product, Foot Locker and Nike will align on product for Kids Foot Locker and partner on celebrating key sneaker moments, such as the 25th anniversary of the Tuned Air franchise this year and Foot Locker’s 50th anniversary in 2024. At Champs, Foot Locker will focus on serving an active and wellness-focused consumer. WSS will continue to serve the Latine market and capture more demand in that growing demographic. In Japan, the company’s Atmos banner will serve as a ground for innovation while being rooted in Japanese culture.
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