US: Foot Locker posts Q4 profit growth
By Katie Smith | 11 March 2013
- Net profit up 28% to $104m from $81m
- Sales increased 14% to $1.71bn from $1.50bn
- Comparable store sales rose 7.9%
Specialty athletic apparel and footwear retailer Foot Locker has booked an increase in fourth-quarter and full-year profit thanks to rising sales - and says it remains confident in its outlook.
Net income jumped 28% to US$104m for the 14 week-period ended 2 February, from $81m last year. The New York-based company on Friday (8 March) said the results included an after-tax charge of $7m and that adjusted income reached $111m.
Sales increased 14% to $1.71bn against $1.50bn the same period the prior year, while comparable store sales in the quarter were up 7.9%.
Over the full year, net income reached $397m, up 42.8% from $278m last year. Total sales grew 9.9% to $6.18bn, compared to $5.62bn the year before. Comparable store sales rose 9.4% in 2012.
The retailer opened 85 new stores, remodeled or relocated 198 and closed 119 in 2012, taking the total number of stores it operates to 3,335.
"With the momentum we built from executing our strategic initiatives, the team at Foot Locker Inc was able to drive our sales and profits substantially higher than last year's record results," said chairman and CEO Ken Hicks.
"We believe that we can continue to build on this momentum and deliver a double digit percentage earnings per share gain for full-year 2013, compared to our 2012 non-GAAP results of $2.47 per share."
Sectors: Apparel, Finance, Footwear, Retail
Companies: Foot Locker
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