Consumers are finding it hard to ditch their comfy clothes worn for most of the pandemic despite becoming more mobile post COVID-19 vaccinations.<\/p>\n
And that continues to play right into the bottom line of Foot Locker (FL).<\/p>\n
\"We have talked about this cozy, comfortable work-from-home\/school sort of look. But the truth is that we have got the uniform of the consumer,\" Foot Locker CEO Richard Johnson told analysts on an earnings call Friday. \"This T-shirt, short and fleece sort of uniform that they are wearing is even more pronounced, and I think will be more pronounced as we go into this back-to-school season.\"<\/p>\n
Foot Locker benefited from the ongoing comfy clothing trend in several ways during the second quarter, much to the surprise of Wall Street forecasters.<\/p>\n
First, the company's apparel business saw sales increase by a double-digit percentage. Foot Locker has made a push in recent quarters to trendier hoodies and joggers (notably by Nike) with a street vibe look, and consumers appear to be responding favorably.<\/p>\n
\"We're doing a better job selling apparel in the stores. For the longest time, it was just sort of an add-on opportunity for our team, but now we've got people that are really focused on selling apparel. We're trying to make sure that it's a full-service opportunity for us to help people get into the right pieces,\" Johnson explained.<\/p>\n
To help fill out that all-day casual look, shoppers bought more shoes in the quarter. Foot Locker said footwear sales rose by a low-single percentage, powered by women and kids categories. The company cited strength behind casual brands such as Crocs and Uggs.<\/p>\n
Here is how Foot Locker performed in the second quarter, compared to Wall Street analyst estimates:<\/p>\n
Net Sales: $2.28 billion vs. $2.09 billion<\/p>\n
Same-Store Sales: +6.9% vs. -1.4%<\/p>\n
Gross Profit Margin: 35.1% vs. 30.4%<\/p>\n
Adjusted Diluted EPS: $2.21 vs. $1.01<\/p>\n
Foot Locker shares soared 10% in afternoon trading Friday. The stock is up 46% year-to-date vs. an 18% gain for the S&P 500, according to Yahoo Finance Plus data.<\/p>\n
Story continues<\/p>\n
Brian Sozzi is an editor-at-large and anchor at Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn.<\/p>\n
Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, YouTube, and reddit<\/p>\n
<\/p>\n
Excerpt from:<\/p>\n
Consumers still love their hoodies and sweatpants: Foot Locker CEO - Yahoo Finance<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Consumers are finding it hard to ditch their comfy clothes worn for most of the pandemic despite becoming more mobile post COVID-19 vaccinations. And that continues to play right into the bottom line of Foot Locker (FL). \"We have talked about this cozy, comfortable work-from-home\/school sort of look Continue reading