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Foot Locker, Inc. Message Board

  • bluecheese4u bluecheese4u Nov 16, 2012 8:37 AM Flag

    FOOT LOCKER, INC. REPORTS THIRD QUARTER RESULTS

    FOOT LOCKER, INC. REPORTS THIRD QUARTER RESULTS

    • Net Income of $0.69 Per Share, Up 60 Percent Compared to Last Year
    • Comparable-Store Sales Increased 10.2 Percent
    • SG&A Rate Improved 210 Basis Points

    NEW YORK, NY, November 16, 2012 – Foot Locker, Inc. (NYSE: FL), the New York-based specialty
    athletic retailer, today reported financial results for its third quarter ended October 27, 2012.

    Third Quarter Results
    Net income for the Company’s third quarter ended October 27, 2012 was $106 million, or $0.69 per share,
    compared with net income last year of $66 million, or $0.43 per share. Third quarter sales increased 9.3
    percent, to $1,524 million this year, compared with sales of $1,394 million for the corresponding prior-year
    period. Third quarter comparable-store sales increased 10.2 percent, which consisted of a 9.4 percent
    increase in store sales and an 18.3 percent increase in direct-to-customer sales. Excluding the effect of
    foreign currency fluctuations, total sales for the third quarter increased 11.0 percent.

    Year-to-Date Results
    Net income for the Company’s first nine months of the year increased 48.7 percent to $293 million, or $1.90
    per share, compared with net income of $197 million, or $1.27 per share, for the corresponding period last
    year. Year-to-date sales increased 8.4 percent, to $4,469 million, compared with sales of $4,121 million last
    year. Year-to-date comparable-store sales increased 9.9 percent. Excluding the effect of foreign currency
    fluctuations, total sales year-to-date increased 10.4 percent.
    “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 Ken C. Hicks, Chairman and Chief
    Executive Officer. “The ongoing focus of all of our associates on the strategies and initiatives we updated at
    the beginning of the year continues to enhance the productivity of our key assets. 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.”

    Non-GAAP Adjustment
    Included in the Company’s third quarter and year-to-date results is a tax benefit of $9 million, or $0.06 per
    share. This benefit is the result of a settlement of a foreign tax audit, resulting in a reduction of tax reserves
    established in prior periods. On a non-GAAP basis, Foot Locker’s third quarter earnings were $0.63 per
    share. A reconciliation of GAAP to non-GAAP results for the third quarter of 2012 is provided in the table
    below.

    Financial Position
    At October 27, 2012, the Company’s merchandise inventory was $1,240 million, 3.0 percent higher than at
    the end of the third quarter last year. The Company’s cash and short-term investments totaled $853
    million, while the debt on its balance sheet was $133 million. The Company’s total cash position, net of
    debt, was $158 million higher than the same time last year.
    During the third quarter of 2012, the Company repurchased approximately 841 thousand shares of its
    common stock for $29.7 million. Year-to-date, the Company has repurchased just under 3 million shares of
    its common stock for $94.3 million under the Company’s $400 million share repurchase program.

    Store Base Update
    During the first nine months of the year, the Company opened 70 new stores, remodeled/relocated 159
    stores and closed 72 stores. At October 27, 2012, the Company operated 3,367 stores in 23 countries in
    North America, Europe, Australia, and New Zealand. In addition, 40 franchised stores were operating in
    the Middle East and South Korea.
    The Company is hosting a live conference call at 9:00 a.m. (EST) today, November 16, 2012

    footlocker-incDOTcom/pdf/2012/pr_2012_fl_3Q12_Earnings_Release.pdf

 
FL
57.31-0.67(-1.16%)Sep 17 4:02 PMEDT

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