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Foot Locker reports 2009 fourth quarter results
08 Mar '10
4 min read
For the full year, sales decreased 7.3 percent to $4,854 million compared with sales of $5,237 million last year. Excluding the effect of foreign currency fluctuations, total sales for the full year decreased 6.1 percent. Comparable-store sales decreased 6.3 percent.
Financial Position
During the past 12 months the Company generated $468 million of positive cash flow before capital expenditures, pension contributions and shareholder dividends. At year end, the Company's cash and short-term investments totaled $589 million. The Company's total cash position, net of debt, of $451 million was $185 million higher than last year. Merchandise inventory at year end was $1,037 million, which was $83 million, or 7.4 percent, less than at the end of last year.
On February 16, 2010, the Board of Directors of Foot Locker, Inc. approved the extension of the Company's 2007 common share repurchase program for an additional three years in the amount of $250 million.
Store Base Update
During the year, the Company opened 38 stores and remodeled or relocated 158 stores. The Company also closed a total of 179 stores in 2009, most of which were unproductive. At January 30, 2010, the Company operated 3,500 stores in 21 countries in North America, Europe and Australia. In addition, 22 franchised stores are currently operating in the Middle East and South Korea.
Financial Position
During the past 12 months the Company generated $468 million of positive cash flow before capital expenditures, pension contributions and shareholder dividends. At year end, the Company's cash and short-term investments totaled $589 million. The Company's total cash position, net of debt, of $451 million was $185 million higher than last year. Merchandise inventory at year end was $1,037 million, which was $83 million, or 7.4 percent, less than at the end of last year.
On February 16, 2010, the Board of Directors of Foot Locker, Inc. approved the extension of the Company's 2007 common share repurchase program for an additional three years in the amount of $250 million.
Store Base Update
During the year, the Company opened 38 stores and remodeled or relocated 158 stores. The Company also closed a total of 179 stores in 2009, most of which were unproductive. At January 30, 2010, the Company operated 3,500 stores in 21 countries in North America, Europe and Australia. In addition, 22 franchised stores are currently operating in the Middle East and South Korea.
Foot Locker Inc
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