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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.


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