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Athletic retailer Foot Locker sales up 9.9% in FY'13
08
Mar '13
Foot Locker, Inc. the New York-based specialty athletic retailer, reported financial results for its fourth quarter and full year.  The Company's fiscal year ended on February 2, 2013, reflecting a 14-week fourth quarter and 53-week year, compared to the 13-week and 52-week periods in fiscal 2011. The additional week is not included in comparable store sales results for the quarter or the year.

Fourth Quarter Results

The Company reported net income of $104 million, or $0.68 per share, for the 14 weeks ended February 2, 2013. These results included an after-tax charge of $7 million, or $0.05 per share, for the impairment of certain tangible and intangible assets related to the Company's CCS division. In the 13-week period a year ago, the Company reported net income of $81 million, or $0.53 per share, which included an after-tax charge of $3 million, or $0.02 per share, for the impairment of certain intangible assets.

Excluding the charges in both years, fourth quarter non-GAAP net income was $111 million, or $0.73 per share, in 2012, versus $84 million, or $0.55 per share, in 2011.  The extra week in this year's fourth quarter results contributed $14 million to net income, or $0.09 per share.   Excluding this benefit, non-GAAP net income was $0.64 per share.

With the benefit of the extra week, total fourth quarter sales increased 14.0 percent, to $1,713 million this year, compared with sales of $1,502 million for the corresponding prior-year period.  Fourth quarter comparable-store sales increased 7.9 percent. Foreign exchange rate fluctuations were not a material factor in the quarter.

Fiscal Year Results

For fiscal year 2012, which included 53 weeks, the Company reported net income of $397 million, or $2.58 per share.  These results included the fourth quarter after-tax charge of $7 million mentioned above.  In the 52 weeks last year, the Company reported net income of $278 million, or $1.80 per share, including the net charge of $3 million after-tax.

Excluding the impairment charges in both years, one-time tax benefits totaling $0.07 per share in 2012, and the benefit from the 53rd week, full-year non-GAAP net income was $380 million in 2012, or $2.47 per share, an increase of 36 percent over the $1.82 per share recorded in 2011.

Total sales increased 9.9 percent in 2012 to $6,182 million, compared with sales of $5,623 million last year.   Excluding the effect of foreign currency fluctuations, total sales for the full year increased 11.4 percent.  Comparable-store sales increased 9.4 percent in 2012.

"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 Ken C. Hicks, Chairman of the Board and Chief Executive Officer of Foot Locker, Inc.  "We believe that we can continue to build on this momentum and deliver double digit percentage earnings per share gain for full-year 2013, compared to our 2012 non-GAAP results of $2.47 per share."

"Our team is focused on consistently improving our financial and operational performance," added Lauren B. Peters, Executive Vice President and Chief Financial Officer.  "Our success in 2012 can be seen in such productivity measures as the 14.2 percent return on invested capital and the $443 in sales per gross square foot that we achieved."

Foot Locker, Inc

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