2025-05-29-Jefferies-富乐客（FL）_第一季度业绩与初步发布一致；今年秋季收购完成_10页_260kb

Foot Locker Equity Research Summary

Date: May 29, 2025
Company: Foot Locker, Inc. (FL)

Key Points

• Financial Performance (1Q 2025):

  • Revenue missed consensus expectations at $1.79B, down -4.6% YoY due to softer traffic (-2.6% global comps), with international comps lagging at -8.5%. Margin compression occurred, as gross margin declined 40bps YoY and SG&A margin increased, leading to adjusted EPS of -$0.07. Free cash flow was solid at $375M (+18% YoY).

• Rating and Valuation:

  • Analyst rating: Hold with a price target of $24.00 (unchanged from prior day), based on FY'27 estimates of ~16x P/E and ~6x EV/EBITDA. Downside scenario for FY'27 EPS is $1.35 if acquisition deal falls through or growth initiatives underperform.

• Catalysts and Risks:

  • Acquisition by DKS is pending, with potential impacts including ownership stake in GOAT. Upside scenarios include DKS acquisition at $24/share or better performance. Risks include intensified competition, weakening consumer demand, or supply chain issues.
  • Diversification efforts and cost optimization progress may offset current pressures.

• Company Update:

  • Store modernization and refresh programs ongoing, with 11 remodeled and 69 refreshed stores. 1Q saw 9 new store openings and 56 closures globally.

• Analyst View:

  • Cautious outlook due to persistent footwear wholesale headwinds and economic pressures on consumers, but optimism from potential acquisition and product innovation.