According to Foot Locker’s annual 10-K report filed on March 28, the retailer’s annual international sales in FY24 ended Dec. 31 were essentially flat at $2,759 million versus $2,778 million, with the majority generated in either Canada, France, Italy, Australia or Germany. The 15 other countries where the retailer operates stores did not contribute significant sales to the international total.
In the EMEA, the group’s FY23 sales were flat at $1,723 million versus $1,722 million in FY22 and up 5 percent from FY21’s $1,641 million. As of Feb. 3, Foot Locker’s net assets in Europe equaled $537 million.
Foot Locker ended the FY with 637 stores across Europe after closing 78 Sidestep locations. Meanwhile, door presence in North America fell by 86 units, or 4.7 percent, last year, to 1,744 stores, with 39.5 percent representing Foot Locker banners in the US.
Other notable facts and figures from the 10-K filing include:
- Gross total advertising spend declined 2.7 percent to $216 million last year, hitting a net cost of $181 million after accounting for $35 million in co-op dollars from vendors.
- Store sales declined by $465 million, or 6.5 percent, last year to $6,751 million, with DTC sales falling by $125 million, or 8.2 percent, to $1,403 million.
- Total lease liabilities through 2028 and beyond were $2,496 million at FY end.
- Purchased 84 percent and 86 percent of merchandise from Top 5 suppliers in FY24 and FY23, respectively, with 65 percent of athletic merchandise bought from Nike.
- Footwear represented 81 percent of total revenues, or about $6.6 billion last year with apparel and accessories accounting for 19 percent or approximately $1.5 billion.
- Sales per square foot declined by 6.9 percent in FY24 to $510 from $548 million in the prior year.
- Annual gross margin slid by 420 basis points to 27.7 percent from 31.9 percent in FY23 due to increased promotions and occupancy deleverage from the decline in sales.
