Foot Locker Q1 earnings up 7.8 percent

Net income for Foot Locker’s first quarter ended April 30, 2016 was 191 million dollars, compared with net income of 184 million dollars in the same period of 2015. Earnings were 1.39 dollars per share, a 7.8 percent increase from the 1.29 dollars per share earned in the comparable period last year. First quarter comparable-store sales increased 2.9 percent.

“We produced the most profitable quarter in the Company’s long history, an accomplishment of which everyone at Foot Locker should be very proud,” said Richard Johnson, Chairman of the Board and Chief Executive Officer.

Total first quarter sales increased 3.7 percent to 1,987 million dollars this year, compared with sales of 1,916 million dollars for the corresponding prior-year period. Excluding the effect of foreign currency fluctuations, total sales increased 3.9 percent.

During the first quarter, the company opened 32 new stores, remodelled or relocated 55 stores, and closed 19 stores. As of April 30, 2016, Foot Locker operated 3,396 stores in 23 countries in North America, Europe, Australia, and New Zealand. In addition, 49 franchised Foot Locker stores were operating in the Middle East and South Korea, as well as 15 franchised Runners Point stores in Germany.

picture:footlocker.com