Foot Locker Q3 FY'13 comparable store sales up 4.1%

23 Nov '13

2 min read

Foot Locker, Inc., the New York-based specialty athletic retailer, reported financial results for its third quarter ended November 2, 2013.

Third Quarter Results

Net income for the Company’s third quarter ended November 2, 2013 was $104 million, or $0.70 per share, compared with net income of $106 million, or $0.69 per share, last year.

Third quarter comparable-store sales increased 4.1 percent. Total third quarter sales increased 6.4 percent, to $1,622 million this year, compared with sales of $1,524 million for the corresponding prior-year period. Excluding the effect of foreign currency fluctuations and Runners Point Group, total sales increased 1.3 percent.

Year-To-Date Results

Net income for the Company’s first nine months of the year increased to $308 million, or $2.04 per share, compared to net income of $293 million, or $1.90 per share, for the corresponding period in 2012.

Earnings per share for the nine month period have increased 7.4 percent compared to the same period in 2012. Year-to-date sales were $4,714 million, an increase of 5.5 percent compared to sales of $4,469 million in the corresponding nine month period of 2012. Year-to-date comparable store sales increased 3.7 percent. Excluding the effect of foreign currency fluctuations, total sales year-to-date increased 5.3 percent.

"It took a strong team effort to produce the solid top and bottom line results that we are reporting this morning," said Ken C. Hicks, Chairman of the Board and Chief Executive Officer. "We have many strategies underway to drive our business, and the advances we have achieved are contributing to the current momentum we have towards reaching our long-range operational and financial goals.

"Most exciting for me, however, is that while we still have much progress to make on our existing initiatives, the team at Foot Locker, Inc. is continuing to identify new opportunities and develop ideas further in order to leverage our strengths and build an even stronger business. Some of these ideas deliver immediate impact, some will help improve results in the next several quarters, and yet others have the potential to drive our performance over the longer term."

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