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Foot Locker Q4 sales up slightly in January

02 Feb '06

2 min read

Specialty athletic retailer Foot Locker Inc has reported sales for the 13-week period ended January 28, 2006 of $1,563 million, versus $1,535 million in the comparable period last year, an increase of 1.8 percent. For this same 13-week period, comparable store sales increased 3.9 percent.

For the 52-week period ended January 28, 2006, sales increased 5.5 percent to $5,652 million, from $5,355 million in the company's corresponding period last year. Same-store sales for the company's same 52-week period increased 2.7 percent.

Excluding the effect of foreign currency fluctuations, total sales for the 13-week and 52-week periods increased 3.6 percent and 5.5 percent, respectively.

Matthew Serra, Foot Locker Inc's Chairman and Chief Executive Officer, said, "We are pleased with our consolidated fourth quarter comparable-store sales results, which were in line with our initial expectations."

"Very solid comparable-store sales increases were posted by each of our retail store divisions in North America, as well as our direct-to-customers business, partially reflecting a more promotional posture during the January clearance period than we had initially expected. As a result, our merchandise is better positioned for 2006 and within our inventory aging standard. Comparable-store sales in other international markets, primarily in Europe, continued to be challenging," Serra added.

The company's fourth quarter results include pre-tax income of$5 million, or $0.02 per share, primarily reflecting collections from its insurance companies related to recovery of losses sustained during the company's third fiscal quarter that resulted from Hurricanes Katrina, Rita and Wilma.

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