=Foot Locker (FL) reported earnings on Fri 24 May 2019 (b/o)

Foot Locker misses by $0.07, misses on revs; lowers FY20 EPS guidance based on the share repurchase activity to date; reaffirms FY20 comp guidance; Q1 comps +4.6% 

• Reports Q1 (Apr) adjusted earnings of $1.53 per share, $0.07 worse than the S&P Capital IQ Consensus of $1.60; revenues rose 2.6% year/year to $2.08 bln vs the $2.11 bln S&P Capital IQ Consensus. 
• First quarter comparable-store sales increased 4.6%.
• Co issues lowered guidance for FY20, sees EPS of high single digit EPS growth (cons +10%) from double digit growth prior guidance vs. $5.19 S&P Capital IQ Consensus. The Company is on track with its previously stated full-year outlook, including sales, gross margin, and SG&A; however, earnings per share are now expected to be up high-single digits based on the share repurchase activity to date.
  • Prior guidance from last quarter conference call: msd comps gain w/ double-digit EPS increase. Co sees slight headwind from currency in 1H of year (greatest impact in Q1), watching impact of slower/smaller tax refunds. Co sees 20-40 bps gross margin improvement for 2019.