US: Foot Locker Q3 profit increases after sales gain
- Q3 profit increased 61% to $106m
- Sales rose 9.3% to $1.52bn
- Comparable store sales up 10.2%
Sportswear retailer Foot Locker has seen its third-quarter net profit jump 61% on the back of double-digit same-store sales gains.
Net income reached US$106m or $0.69 per share during the quarter ended 27 October, compared to $66m or $0.43 per share last year.
Sales rose 9.3% to $1.52bn, while comparable store sales increased 10.2%. Excluding the effect of foreign currency fluctuations, total sales jumped 11%.
"Our team put together another outstanding quarter, delivering a double digit sales gain and controlling expenses to drive our bottom line earnings to new heights," said chairman and CEO Ken Hicks.
"Inventory turns are improving; sales per square foot are increasing; and by investing in our people and giving them the best tools to succeed with the customer, our associates are becoming even more productive, too."
Year-to-date profit jumped 48.7% to $293m, while sales were up 8.4%, to $4.47bn and comparable store sales rose 9.9%.
New York-based sportswear retailer Foot Locker is to acquire German specialty athletic store Runners Point Warenhandelsges (RPG) for EUR72m (US$94.6m), as it looks to expand in Europe....
California-based footwear maker K-Swiss, has appointed Larry Remington as its new president and CEO following its buyout by South Korean apparel conglomerate E-Land....
The most read stories on just-style this week include the collapse of a garment factory in Bangladesh, the extension of C&A's RFID project to 25 stores, and campaigners urging Foot Locker to cut ties ...
Campaigners are set to stage protests outside Foot Locker outlets across the UK, Europe and the US today (22 April), calling for it to cut ties with Adidas over the sportswear group's failure to pay f...
The most read stories on just-style this week include preparations by China's textile and apparel companies to become sustainable, European activists being detained in Cambodia after a garment protest...
Senior executives from across the apparel industry and its supply chain will be heading to Hong Kong later this month for the annual Prime Source Forum....
Specialty athletic retailer Foot Locker Inc is to close its 22 underperforming CCS skatewear stores and focus solely on the banner's online business....
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....
- New wage ladder lifts workers towards living wages
- US retailers to face logistics issues into 2015
- New scenarios driving sustainability in textiles
- African apparel sector needs cooperation to thrive
- UK fashion sector prospects depend on partnerships
- Bangladesh worker dies as factory boiler ruptures
- Eight footwear factories lead on social compliance
- Global unions join forces on apparel wage poverty
- US firms eye Vietnam footwear growth ahead of TPP
- J Crew embarks on new expansion phase