Home / Knowledge / News / Fashion / Foot Locker reaffirms FY08 EPS outlook
Foot Locker reaffirms FY08 EPS outlook
23
May '08
Foot Locker Inc the New York-based specialty athletic retailer, reported financial results for its first quarter ended May 3, 2008.

Financial Results:
Net income for the Company's first quarter ended May 3, 2008 was $3 million, or $0.02 per share, and includes store closing expenses of $3 million, after-tax, or $0.02 per share, and a non-cash impairment charge of $15 million, after-tax, or $0.10 per share.

For comparative purposes, first quarter net income in 2008, before the store closing expenses and impairment charge, was $21 million, or $0.14 per share. In the first quarter of 2007, the Company reported net income of $17 million, or $0.11 per share.

Store closing expenses primarily reflect negotiated landlord settlements associated with exiting 15 stores prior to lease expirations in line with a program initiated by the Company in 2007.

The impairment charge recognized during the first quarter relates to a note receivable due from the purchaser of the Company's former Northern Group operation in Canada - a business that the Company sold in 2001.

First quarter sales decreased 0.5 percent to $1,309 million, as compared with sales of $1,316 million for the corresponding prior year period.

Excluding the effect of foreign currency fluctuations, total sales for the first quarter decreased 3.7 percent. First quarter comparable-store sales decreased 2.9 percent.

"Although the external environment remained challenging, our first quarter net income, excluding the impairment charge, was in line with our expectations going into the quarter," stated Matthew D. Serra, Foot Locker Inc.'s Chairman and Chief Executive Officer.


Must ReadView All

Courtesy: ITMA 2015

Textiles | On 21st Jun 2018

Italy to host textile machinery fair ITMA in 2023

ITMA, the trendsetting textile and garment technology platform, will...

Courtesy: Connor Group

Textiles | On 21st Jun 2018

Protectionism top threat to textile sourcing: William Connor

Protectionism is the biggest political factor and threat affecting...

NRF urges US Congress to step in, stop trade war

Apparel/Garments | On 21st Jun 2018

NRF urges US Congress to step in, stop trade war

The National Retail Federation (NRF) recently urged the US Congress...

Interviews View All

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Top executives
Fashion houses, India

With technology, it has become easier to ensure IPR

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Rajat Jaipuria

Activewear brand Soul Space promotes organic cotton farming and...

Tejas N Patel, Navin D Patel

Founded in 1999 by Navin Patel in the name of Tejas Fabrics with 100...

John Kelley

Textile Events is one of the largest textile fair in the United Kingdom,...

Urs Stalder
Sanitized AG

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

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Anisha Chaudhari
Threads & Shirts

Threads &amp; Shirts is a freshly-tailored concept providing men/women a...

Bani Batra

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

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

Leave your Comments


June 2018

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

news category


Related Categories:

Advanced Search