Foot Lüchen closed 56 branches worldwide in the first quarter of 2025, which ended on May 3. The measures took place in the course of declining sales and the recently announced takeover by the US sports dealer Dick’s Sporting Goods. Locations in South Korea, Denmark, Norway, Sweden, Greece and Romania were particularly affected by the closings. In Greece and Romania, the license transactions were also handed over to a local license partner in April.
Despite the extensive closings, Foot easily continued his global expansion strategy: nine new stores were opened, eleven other branches were laid or extensively rebuilt. In addition, 69 locations received an updated store design. These measures are part of the “Reimagined and Refresh” program, with which the company wants to specifically upgrade the inpatient shopping experience. “We continue to invest in the modernization of our stores,” said CEO Mary Dillon in a press release.
Sales and net loss and net loss burden the quarterly balance sheet
Foot had already relieved preliminary business figures at the beginning of May. Now these have been officially confirmed: the total turnover fell by 4.6 percent in the first quarter to $ 1.79 billion ($ 1.65 billion). The comparable sales decreased by 2.6 percent. The decline in international business was particularly clear: here the comparable sales decreased by 8.5 percent. In North America, the decline was much more moderate with 0.5 percent.
As a result, the company slipped into the loss zone. Foot Licht loose a net loss of $ 363 million (336 million euros) after a net profit of eight million US dollars (7.4 million euros) had been achieved in the previous year. On a non-GAAP basis, the net loss was six million US dollars (5.5 million euros). The loss per share was 3.81 US dollars (3.52 euros) compared to a profit from nine US cent in the previous year.
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