World Footwear

Companies

Foot Locker announces two digits growth

Jun 12, 2014 United States
Foot Locker announces two digits growth
New York based retailer presented sales up by 14.0% and net income growing at 17.4% during the first quarter of the year
Ken C. Hicks, Chairman of the Board and Chief Executive Officer commented: “We are off to a great start in 2014, with our first quarter results representing the highest quarterly sales and profits in our history as an athletic company for the third consecutive year”.

The company closed its first quarter on the 3rd of May and announced total first quarter sales up by 14.0%, to 1 868 million USD from 1 638 million USD in the corresponding prior-year period. The company claims growth would have been 13.4% if the currency fluctuations impact was to be removed. The company’s gross margin rate improved to 34.6% of sales from 34.2% a year ago. Net income for the period reached 162 million USD, which compares with net income of 138 million USD last year, a 17.4% growth.



“The Company executed its operating plans effectively and efficiently in the first quarter,” declared Executive Vice President and Chief Financial Officer Lauren B. Peters, adding: “We delivered results in line with or better than our expectations on just about every financial and operational metric, and we continue to test and develop opportunities we believe can improve our performance even further in the future.”

During the first quarter, the company opened 27 new stores, remodeled or relocated 49 stores and closed 36 stores, which resulted in a network of 3 464 stores in 23 countries across North America, Europe, Australia, and New Zealand by the end of the first quarter. The retail network also includes 47 franchised Foot Locker stores operating in the Middle East and South Korea and 27 franchised Runners Point and Sidestep stores in Germany and Switzerland.

This excellent set of results for the first quarter of the year follows the highest level of sales recorded by the company as Foot Locker posted in 2013 (up 5.2% to 6 505 million USD), with full year income of 429 million USD, an 8% increase from 397 million USD in 2012.

Foot Locker, Inc. is a leading global retailer of athletically inspired shoes and apparel. Headquartered in New York City, the company operates more than 3 300 retail stores in more than 20 countries in North America, Europe, Australia and New Zealand under various brand names. The company operates in two segments: Athletic Stores and Direct-to-Customers. The Athletic Stores segment is an athletic footwear and apparel retailer whose formats include Foot Locker, Lady Foot Locker, Kids Foot Locker, Champs Sports, Footaction,and CCS. The Direct-to-Customers segment includes Footlocker.com, Inc.and other affiliates (such as Eastbay, Inc. and CCS), which sell to customers through internet websites, mobile devices, and catalogs.

For more information about Foot Locker, Inc. please visit their website.

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