New York-based specialty athletic retailer, Foot Locker Inc reported financial results for its fourth quarter and full year ended January 28, 2006.
Net income increased 7.0 percent to $0.61 per share, or $96 million, from $0.57 per share, or $89 million last year. Included in this year's results was a credit of $0.02 per share, or $3 million, from insurance proceeds related to Hurricanes Katrina, Rita and Wilma, net of related income tax expense.
Also recorded in this year's fourth quarter, was net income of $0.04 per share, or $6 million, resulting from a reduction of the Company's income tax valuation allowance primarily due to actions taken to utilize international tax loss carry forwards.
As a result, the Company's effective income tax rate for this year's fourth quarter was approximately 32 percent, in line with the comparable period of last year.
For the fourth quarter period, sales increased 1.9 percent to $1,564 million this year compared with sales of $1,535 million for the corresponding prior year period.
Foot Locker Inc is a specialty athletic retailer that operates approximately 4,000 stores in 20 countries in North America, Europe and Australia.
Through its Foot Locker, Footaction, Lady Foot Locker, Kids Foot Locker and Champs Sports retail stores, as well as its direct-to-customer channel Footlocker.com/Eastbay, the Company is the leading provider of athletic footwear and apparel.
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