New York-based specialty athletic retailer Foot Locker, Inc., has reported fairly static financial results for its third quarter ended October 28.

Net income for the quarter was $65 million, in line with last year's results of $66 million. Last year's results reflected revisions in estimates to discontinued reserves and a favourable income tax settlement totalling $1 million that was included in discontinued operations.

Sales increased 1.6% to $1,430 million this year compared with $1,408 million in the year-ago period. Third quarter comparable-store sales decreased 0.3%.

During the third quarter, the company opened 57 new stores, remodelled/relocated 49 stores and closed 16 stores. At October 28, it operated 3,935 stores in 20 countries in North America, Europe and Australia. In addition, three Foot Locker franchised stores are currently operating in the Middle East.

Year-to-date net income was $138 million, compared with $168 million last year. Year-to-date sales increased 0.2% to $4,098 million compared with $4,089 million last year. Comparable-store sales decreased 0.4%.

The company has also announced that it plans to open a new retail format, which will be aimed at selling value-priced family footwear under the ‘Footquarters’ brand name. Approximately 30 stores will be opened during the spring season of 2007, with a further rapid expansion plan possible thereafter.