Foot Locker reports preliminary non-GAAP loss of -$0.07 vs. cons. -$0.02

Foot Locker (NYSE: FL) reports preliminary non-GAAP loss of -$0.07 vs. cons. -$0.02.

Preliminary First Quarter Results

Comparable sales decreased by 2.6% from the prior-year period, with comparable sales in the North America region decreasing by 0.5%.
Net loss is expected to be $363 million, as compared with net income of $8 million in the corresponding prior-year period. On a non-GAAP basis, net loss is expected to be $6 million for the first quarter, as compared with net income of $21 million in the corresponding prior-year period.
First quarter loss per share is expected to be $3.81, as compared with earnings per share of $0.09 in the first quarter of 2024. Non-GAAP loss is expected to be $0.07 per share in the first quarter, as compared with non-GAAP earnings per share of $0.22 in the corresponding prior-year period.
Non-GAAP net loss and net loss per share exclude non-cash impairment charges totaling $276 million and primarily reflect a $140 million charge related to a tradename and a goodwill impairment charge of $110 million. Additionally, we recorded a full valuation allowance on the Company's deferred tax assets and deferred tax costs related to the Company's European business totaling $124 million, which is excluded from our non-GAAP results.

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