Home / Knowledge / News / Apparel/Garments / Foot Locker Q1'FY14 EPS ascends 22% to $1.10/share
Foot Locker Q1'FY14 EPS ascends 22% to $1.10/share
26
May '14
Foot Locker, Inc., the New York-based specialty athletic retailer, reported financial results for its first quarter ended May 3, 2014.
 
Highlights:
-Net Income of $1.10 Per Share, a Record Quarterly Result
-Earnings Per Share Increased 22 Percent
-Comparable-Store Sales Increased 7.6 Percent
 
First Quarter Results
Net income for the Company's first quarter ended May 3, 2014 was $162 million, or $1.10 per share, compared with net income of $138 million, or $0.90 per share, last year.  First quarter comparable-store sales increased 7.6 percent. Total first quarter sales increased 14 percent, to $1,868 million this year, compared with sales of $1,638 million for the corresponding prior-year period. Excluding the effect of foreign currency fluctuations, total sales for the first quarter increased 13.4 percent.
 
"We are off to a great start in 2014, with our first quarter results representing the highest quarterly sales and profits in our history as an athletic company --- for the third consecutive year," said Ken C. Hicks, Chairman of the Board and Chief Executive Officer.  "Every person in our company is playing an important role in producing our current strong performance, bringing passion, energy, and excellence to the execution of our strategies and initiatives as we work towards the achievement of our long-term financial and operational objectives."
 
The Company's gross margin rate improved to 34.6 percent of sales from 34.2 percent a year ago, while the rate of selling, general, and administrative expenses improved to 19.0 percent of sales from 19.2 percent.
 
"The Company executed its operating plans effectively and efficiently in the first quarter," said Lauren B. Peters, Executive Vice President and Chief Financial Officer.  "We delivered results in line with or better than our expectations on just about every financial and operational metric, and we continue to test and develop opportunities we believe can improve our performance even further in the future."
 
Financial Position
At May 3, 2014, the Company's merchandise inventory was $1,268 million, 8.5 percent higher than at the end of the first quarter last year. Excluding Runners Point Group and using constant currencies, inventory increased 3.2 percent.  The Company's cash and short-term investments totaled $1,007 million, while the debt on its balance sheet was $138 million.
 
The Company spent approximately $70 million to repurchase 1.53 million shares during the quarter.
 
Store Base Update
During the first quarter, the Company opened 27 new stores, remodeled/relocated 49 stores and closed 36 stores. As of May 3, 2014, the Company operated 3,464 stores in 23 countries in North America, Europe, Australia, and New Zealand.  In addition, 47 franchised Foot Locker stores were operating in the Middle East and South Korea, as well as 27 franchised Runners Point and Sidestep stores in Germany and Switzerland. 
 

Foot Locker


Must ReadView All

Egypt’s textile exports increase 3% in 10 months: TEC

Textiles | On 21st Nov 2017

Egypt’s textile exports increase 3% in 10 months: TEC

Exports by Egypt’s Textile Export Council (TEC) between January and...

UKFT turns sector skills body for UK fashion, textile sector

Textiles | On 21st Nov 2017

UKFT turns sector skills body for UK fashion, textile sector

The UK Fashion & Textile Association (UKFT) recently announced at a...

Pakistan’s textile exports up 7.72% in July-Oct ’17

Textiles | On 21st Nov 2017

Pakistan’s textile exports up 7.72% in July-Oct ’17

The value of textile and garment exports from Pakistan increased by...

Interviews View All

Jurgen Gauger
Spreadshirt

‘Buying crowdsourced or creative designs are much more appealing to the...

Awen Delaval
Samatoa

'Natural fibres are appreciated for traditional authenticity'

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Rikesh Mistry

Jupiter Comtex Pvt Ltd, established in 1973, started its textile machinery ...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Vikas Banduke

Softech Controls Private Limited (SCPL) is a part of the Cotmac Group, an...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Urs Stalder
Sanitized AG

Urs Stalder, CEO, Sanitized AG, talks about the increasing use of hygiene...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

November 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
68.5%
No
12.4%
Skip
19.1%

Total Votes: 89

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
61.8%
No
30.3%
Skip
7.9%

Total Votes: 89

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
86.5%
No
10.1%
Skip
3.4%

Total Votes: 89

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
80.9%
No
9.0%
Skip
10.1%

Total Votes: 89


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search