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Foot Locker international operations' Comp Store sales flat in Q3
05 Nov '05
3 min read
This initiative also led to a lower division profit margin in Europe, albeit at a rate still anticipated to be in the low-double-digit range. Matthew D. Serra, Foot Locker Inc's Chairman and Chief Executive Officer stated that additionally, their increased promotional strategy in Europe has contributed to their expected consolidated third quarter gross margin rate being lower than the same period of last year.
Mr. Serra continued that they currently expect their third quarter net income per share from continuing operations to be in the range of $0.39 to $0.41. Third quarter earnings per share from continuing operations of $0.42 to $0.44 would have been expected without the $0.03 per share unanticipated charges outlined above.
The Company's financial position continues to strengthen, with its cash and short-term investment position at the end of the third quarter expected to be approximately $380 million and its cash and short-term investment position, net of debt, expected to be approximately $150 million greater than at the same time last year. This includes the Company's expenditure of $17 million during the third quarter to repurchase an additional 790,200 shares of its common stock.
Company plans to report third quarter 2005 and year-to-date results on Thursday, November 17, 2005. A conference call is scheduled on Friday, November 18, 2005 for 10:00 a.m. EST to discuss these results and provide guidance with regard to its earnings outlook for the balance of 2005.
New York-based specialty athletic retailer Foot Locker Inc 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.
Mr. Serra continued that they currently expect their third quarter net income per share from continuing operations to be in the range of $0.39 to $0.41. Third quarter earnings per share from continuing operations of $0.42 to $0.44 would have been expected without the $0.03 per share unanticipated charges outlined above.
The Company's financial position continues to strengthen, with its cash and short-term investment position at the end of the third quarter expected to be approximately $380 million and its cash and short-term investment position, net of debt, expected to be approximately $150 million greater than at the same time last year. This includes the Company's expenditure of $17 million during the third quarter to repurchase an additional 790,200 shares of its common stock.
Company plans to report third quarter 2005 and year-to-date results on Thursday, November 17, 2005. A conference call is scheduled on Friday, November 18, 2005 for 10:00 a.m. EST to discuss these results and provide guidance with regard to its earnings outlook for the balance of 2005.
New York-based specialty athletic retailer Foot Locker Inc 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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