Foot Locker Inc (NYSE:FL) Earnings Model
Financial Modeling Approach: This model uses estimates for store counts, square footage, and sales per square foot to forecast revenue for the Athletic Store Division, and applies growth rates with adjustments for historic seasonality to estimate earnings for the Direct-to-Customer Division. Estimates of operating expenses and interest/other expenses are based on ratio analysis. An effective tax rate is applied to the future projected income to forecast the provision for income tax.