Leading athletic shoe retailer Foot Locker Inc on Thursday revealed a 46 per cent year-on-year plunge in first quarter net profit due to losses from discontinued operations.

The company said in a news release that net income fell to $20 million, or 14 cents a share, from $37m, or 27 cents a share, in 2001. Its latest figures include a $36m charge for items related to disposed operations.

Footlocker added sales climbed 1.7 per cent to $1.09 billion from $1.07bn last year, while same-store sales rose 1.4 per cent.

For fiscal 2003, it expects second quarter earnings of 22-24 cents a share and sees full-year earnings of between $1.12-$1.15 a share.