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Foot Locker's sales and earnings in Q2 beat Wall Street's expectations. The company's earnings guidance range also beat the average analyst estimate.

U.S. stocks traded lower midway through trading, with the Nasdaq Composite falling over 1% on Wednesday.

Foot Locker, Inc. (NYSE:FL ) Q2 2024 Earnings Conference Call August 28, 2024 9:00 AM ET Company Participants Mary Dillon - President, Chief Executive Officer Frank Bracken - Executive Vice President, Chief Commercial Officer Mike Baughn - Executive Vice President, Chief Financial Officer Robert Higginbotham - Senior Vice President, Financial Planning & Analysis, Investor Relations, Treasurer Conference Call Participants Janine Stichter - BTIG Alex Conway - Baird Adrienne Yih - Barclays Paul Lejuez - Citi Michael Binetti - Evercore ISI Anna Andreeva - Piper Sandler Operator Good morning! And welcome to Foot Locker's Second Quarter 2024 Financial Results Conference Call.

Foot Locker (FL) shares took a dive Wednesday after the company's second-quarter results underwhelmed investors.

Although the revenue and EPS for Foot Locker (FL) give a sense of how its business performed in the quarter ended July 2024, it might be worth considering how some key metrics compare with Wall Street estimates and the year-ago numbers.

Foot Locker reports a second-quarter adjusted loss of 5 cents a share, narrower than estimates that called for a loss of 7 cents.

Foot Locker beat Wall Street's estimates on the top and bottom lines as it posted comparable sales growth for the first time in six quarters. The sneaker company also saw its gross margin expand for the first time in more than two years.

Returned to Topline Growth with Total Sales Up 1.9% and Comparable Sales Up 2.6% Achieved Gross Margin Expansion of 50 Basis Points Year-over-Year Loss of $0.13 per Share and Non-GAAP Loss of $0.05 per Share Inventory Decreased 10.0% Year-over-Year Reaffirms Full-Year 2024 Non-GAAP EPS Outlook Further Streamlining International Operations and Optimizing Corporate Office Footprint NEW YORK , Aug. 28, 2024 /PRNewswire/ -- Foot Locker, Inc. (NYSE: FL), the New York-based specialty athletic retailer, today reported financial results for its second quarter ended August 3, 2024. Mary Dillon, President and Chief Executive Officer, said, "The Lace Up Plan is working, as evidenced by our return to positive total and comparable sales growth as well as gross margin expansion in the second quarter.

Foot Locker Inc.'s second-largest shareholder has trimmed its stake by more than 9%, just days before the athletic shoe and apparel retailer is set to report second-fiscal-quarter results.

Foot Locker (FL) doesn't possess the right combination of the two key ingredients for a likely earnings beat in its upcoming report. Get prepared with the key expectations.