The American footwear retailer reported total first-quarter sales of $2.15 billion on Friday, an increase of 83.1% from Q1 2020, and also announced that it will close the majority of its Footaction stores.
The American footwear and athletic apparel retailer announced its capital allocation program for 2021 on Wednesday, revealing plans to invest $275 million over the course of the year, with an emphasis on digital growth.
The US sport retailer’s sales plummeted in the quarter which ended on May 2, falling by 43%. Stores are gradually reopening, but a major overhaul is on the cards, including closure of the Runners Point chain in Germany.
With North American retailers implementing store closures to combat the spread of Covid-19 since the weekend, Tuesday’s announcements have come from the likes of Macy's, Ralph Lauren, AEO, Foot Locker and Tapestry.
The New York-based sports and footwear retailer announced declines in its fourth-quarter revenues and earnings on Friday, as strong footwear sales failed to offset the negative effects of a disappointing holiday season.