Foot Locker Joins Retailers in Closing Doors on Thanksgiving Day
Foot Locker has joined the growing roster of retailers that plan to close their doors on Turkey Day.
In an email to FN, VP of global communications Tracy Royal confirmed that all of the company’s stores in the United States will shutter on Thanksgiving this year. It became the latest chain to make the decision to shut down or give employees the day off as the coronavirus pandemic continues to dramatically impact retail traditions.
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At the end of the Q1 period, Foot Locker had 3,113 units in 27 countries spanning North America, Europe, Asia, Australia and New Zealand. About 890 of those locations are in the U.S.
Foot Locker expects to continue operating with standard business hours on Wednesday, Nov. 25. Its outposts will then close on Nov. 26, while information on hours for the rest of the holiday weekend, including Black Friday on Nov. 27, have yet to be shared.
As one of the busiest shopping days of the year, Thanksgiving has become synonymous with getting a head start on holiday gifting and scoring deals ahead of the Black Friday rush. But this year consumers will find that some of retail’s biggest players — including Walmart, Target, Kohl’s and Dick’s Sporting Goods — will be dimming their lights on Turkey Day. Instead, they’re offering markdowns via online channels to encourage customers to do their shopping from the comfort of their own homes.
Foot Locker’s announcement also comes on the same day it released an unexpectedly upbeat forecast for its second quarter. For the three months ended Aug. 1, the company expects earnings to be between 66 cents and 70 cents per share, versus the prior year’s 66 cents. It also reported that comparable store sales will rise roughly 18% during those three months. Analysts had been anticipating a loss of 60 cents per share, as well as revenues of $1.29 billion.
“As we continued to reopen stores throughout the quarter, we saw a strong customer response to our assortments, which we believe was aided by pent-up demand and the effect of fiscal stimulus,” chairman and CEO Richard Johnson explained in a statement this morning. “This fueled our in-store sales and also drove continued momentum across our digital channels.”
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