Encouragement for Foot Locker
04/03/2011
Fourth quarter comparable-store sales increased 7.3%. Total fourth quarter sales increased by 5.1% percent to almost $1.4 billion this year, compared with sales of just over $1.3 billion for the corresponding prior-year period. Excluding the effect of foreign currency fluctuations, total sales for the thirteen-week period increased by 6.5%.
For the full year in 2010, the company achieved total sales of just over $5 billion, compared to $4.8 billion the year before. It reported full-year net income of $169 million, compared to $48 million the year before when the figures included an inventory write-down and corporate restructuring charges.
Chief executive, Ken Hicks, said on announcing the latest figures: “We are very encouraged with the ongoing improvement in our operating performance, as the initial steps we are taking in executing our new strategic plan have led to positive strides toward achieving our long-term financial objectives. Heading into 2011, we will remain focused on the further implementation of our strategic initiatives, which we believe will lead to continued profitable growth of our business.”
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