New York-based Foot Locker announced first-quarter earnings today, posting up revenue of $2.15 billion and same-store sale increases of 80.3% buoyed by both easy comparisons with shut downs as well as strong demand for the retailer’s branded sneaker and apparel with Nike leading the pack.
The company provided a surprise with news it plans to discontinue its Footaction banner, a process that will take two years and will include converting one-third of doors into other existing banners and closing the remaining stores. Additional formats include Foot Locker, Kids Foot Locker, Champ’s Sport, Eastbay and Sidestep.
Claiming 3,000 stores globally, Foot Locker entered 2021 with 240 Footaction predominately located in East Coast cities. Boasting a customer base viewed as the foundation of sneaker culture, the chain is known for receiving generous allocations of athletic brands’ most coveted silhouettes.
Footaction was founded in Dallas, Texas in 1986. The chain’s 353 stores were sold to Foot Locker for $225 million in 2004.