Foot Locker to invest $250 million to speed up its global expansion and stores’ transformation
The US distributor of sports equipment and fashion will allocate 47% more than last year to business development investments.
“The capital spending planned for the coming year reflects increased investments in community-based power stores in markets throughout the world,” the company said in a statement. Likewise, Foot Locker will also use part of the capital to elevate its digital ecosystem and improve its distribution chain in the United States.
“Through these two actions, our Board of Directors expressed its confidence in our ability to build on our position at the center of youth culture, by elevating both our exciting physical stores and our strong digital ecosystem, at the same time that we once again enhance returns to shareholders, ”said Richard Johnson, president, and CEO of Foot Locker.
The retailer currently has 3,129 stores in 27 countries. The company will present the economic results of 2019 at the end of February but, in the absence of knowing its full-year results of the fiscal of 2019, it recorded a revenue of 5.8 billion dollars in it first nine months, up 2%. Its net profit, however, experienced a decline of 6.7% and stood at 357 million dollars.
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