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Earnings and sales surge at Foot Locker in FY14

By Prachi Singh

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Business |REPORT

Foot Locker, for the fourth quarter, reported net income of 146 million dollars, which equates to earnings of 1.01 dollar per share, an increase of 25 percent over earnings per share of 0.81 dollars for the same quarter, last year. For fiscal year 2014, the company reported net income of 520 million dollars, or 3.56 dollars per share, compared to net income of 429 million dollars, or 2.85 dollars per share, in 2013. On a non-GAAP basis, earnings were 3.58 dollars per share in 2014, an increase of 25 percent.

Fourth quarter comparable-store sales increased 10.2 percent. Total fourth quarter sales increased 6.7 percent, to 1,911 million dollars this year, compared with sales of 1,791 million dollars in 2013. Excluding the effect of foreign currency fluctuations, total sales for the fourth quarter increased 10.1 percent. On a non-GAAP basis, the company earned 1 dollar per share, a 22 percent increase over the comparable 13-week non-GAAP earnings per share of 0.82 dollar in 2013.

In 2014 the company generated its fifth consecutive double-digit percentage increase in annual earnings per share and its fourth consecutive year of record earnings as Foot Locker. Total sales increased 9.9 percent to 7,151 million dollars compared with sales of 6,505 million dollars last year. Comparable-store sales increased 8 percent in 2014.

“We remain intently focused on executing our key strategies,” said Richard Johnson, President and Chief Executive Officer, adding, “Along with elevating the level of investments in our stores, digital capabilities, support facilities, and our people, that focus has enabled us to develop into a high performance company that has reached record heights of financial and operational success.”

The company opened 86 new stores, remodeled/relocated 319 stores, and closed 136 stores during fiscal 2014. As of January 31, 2015, it operated 3,423 stores in 23 countries in North America, Europe, Australia, and New Zealand. In addition, 51 franchised Foot Locker stores were operating in the Middle East and South Korea, as well as 27 franchised Runners Point and Sidestep stores in Germany and Switzerland.

Foot Locker