Foot Locker reported net income of approximately $155 million for fiscal year 2024, a significant drop from the $893 million peak in FY2021. The earnings decline reflects ongoing margin pressure from reduced Nike allocations, higher operating costs from the Lace Up transformation strategy, and a weaker consumer spending environment for discretionary athletic footwear across the US and Europe.
Earnings of Foot Locker
Annual Earnings Of Foot Locker
| Fiscal Year | Net Income (USD) | YoY Change |
|---|---|---|
| FY2015 | $541M | — |
| FY2016 | $664M | +22.7% |
| FY2017 | $342M | −48.5% |
| FY2018 | $541M | +58.2% |
| FY2019 | $491M | −9.2% |
| FY2020 | $323M | −34.2% |
| FY2021 | $893M | +176.5% |
| FY2022 | $276M | −69.1% |
| FY2023 | −$340M | Loss |
| FY2024 | $155M | Recovery |
Note: FY2023 loss includes a ~$470M non-cash goodwill impairment charge related to the WSS and Atmos acquisitions. FY2017 decline reflects a large tax reform charge and lower gross margins from reduced Nike exclusives.
Foot Locker P/E Ratio
| Fiscal Year | P/E Ratio | Note |
|---|---|---|
| FY2015 | 16.3x | — |
| FY2016 | 13.3x | Peak earnings, compressed multiple |
| FY2017 | 12.3x | Depressed earnings, DTC shock year |
| FY2018 | 10.4x | Value multiple, investor skepticism |
| FY2019 | 11.0x | Modest recovery |
| FY2020 | 16.1x | Pandemic-era price resilience |
| FY2021 | 10.3x | Record earnings, compressed P/E |
| FY2022 | 13.8x | Lower earnings, higher multiple |
| FY2023 | N/M | Net loss year |
| FY2024 | 18.1x | Recovery earnings, elevated P/E |