Followers | 4054 |
Posts | 152159 |
Boards Moderated | 3 |
Alias Born | 08/05/2009 |
Friday, August 23, 2013 7:29:24 AM
Expectations: Foot Locker Inc FL 0.47 Before Market Open Add Listen
Foot Locker (NYSE:FL)
Intraday Stock Chart
Today : Friday 23 August 2013
Click Here for more Foot Locker Charts.
NEW YORK, Aug. 23, 2013 /PRNewswire/ -- Foot Locker, Inc. (NYSE: FL), the New York-based specialty athletic retailer, today reported financial results for its second quarter ended August 3, 2013.
Second Quarter Results
Net income for the Company's second quarter ended August 3, 2013 was $66 million, or $0.44 per share, compared with net income of $59 million, or $0.39 per share, last year, an increase in earnings per share of 13 percent.
Second quarter comparable-store sales increased 1.8 percent. Total second quarter sales increased 6.4 percent, to $1,454 million this year, compared with sales of $1,367 million for the corresponding prior-year period. Excluding the effect of foreign currency fluctuations, total sales for the second quarter increased 5.9 percent. Total second quarter sales results include one month of Runners Point Group's operations.
Year-To-Date Results
Net income for the Company's first six months of the year increased to $204 million, or $1.34 per share, compared to net income of $187 million, or $1.21 per share, for the corresponding period in 2012. Earnings per share for the six month period have increased 11 percent compared to the same period in 2012. Year-to-date sales were $3,092 million, an increase of 5 percent compared to sales of $2,945 million in the corresponding six month period of 2012. Year-to-date comparable store sales increased 3.5 percent. Excluding the effect of foreign currency fluctuations, total sales year-to-date increased 4.9 percent
Non-GAAP Adjustment
During the second quarter, the Company incurred approximately $5 million, pre-tax, in costs related to the acquisition of Runners Point Group and the closing of the CCS Retail stores. Excluding these expenses, second quarter earnings were $0.46 per share on a non-GAAP basis, an increase of 21 percent compared to the $0.38 that the Company earned in the second quarter last year. For the first six months of 2013, non-GAAP net income was $1.37 per share, an increase of 14 percent over the $1.20 per share earned in the corresponding period of 2012.
"Sales in the second quarter were more challenging than we planned for, especially in the United States. Despite this headwind, we produced second quarter ongoing profit and sales results that were our best ever as Foot Locker, Inc., demonstrating that the execution of our strategic priorities continues to deliver solid financial and operational results for our shareholders and other stakeholders" said Ken C. Hicks, Chairman of the Board and Chief Executive Officer. "We remain confident that we can achieve a mid-single digit comparable sales gain and a double digit percentage profit increase for fiscal 2013, as we build momentum in our operational and financial performance now and over the long term."
Financial Position
At August 3, 2013, the Company's merchandise inventory was $1,306 million, 6 percent higher than at the end of the second quarter last year. Excluding Runners Point Group, inventory increased approximately 3 percent.
During the second quarter, the Company repurchased approximately 2.83 million shares of its common stock for $100 million.
The Company's cash, cash equivalents, and short-term investments totaled $836 million, while the debt on its balance sheet was $141 million. The Company's total cash position, net of debt, was $8 million higher than at the same time last year.
Store Base Update
During the second quarter, the Company opened 24 new stores, remodeled/relocated 89 stores and closed 44 stores. With the addition of 194 stores acquired in the Runners Point Group transaction, the Company operated 3,495 stores in 23 countries in North America, Europe, Australia, and New Zealand as of August 3, 2013. In addition, 45 franchised Foot Locker stores were operating in the Middle East and South Korea, as well as 24 Runners Point and Sidestep franchised stores, which were added as part of the RPG acquisition.
The Company is hosting a live conference call at 9:00 a.m. (EDT) today, August 23, 2013, to discuss these results and provide comments on the status of its current initiatives, and discuss trends in its business and the athletic industry. This conference call may be accessed live by dialing 888-446-3850 (U.S. and Canada) or 630-691-2739 (International) using the passcode 35433909, or via the Investor Relations section of the Foot Locker, Inc. website at http://www.footlocker-inc.com. Please log on to the website 15 minutes prior to the call in order to download any necessary software. A replay of the call will be available via webcast from the same Investor Relations section of the Foot Locker, Inc. website at http://www.footlocker-inc.com through September 6, 2013.
Recent FL News
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 09/11/2024 08:11:08 PM
- Foot Locker Celebrates 50 Years of Sneaker Leadership with Exclusive Collection and Celebration Throughout September • PR Newswire (US) • 09/05/2024 12:00:00 PM
- Big Lots Falls 27%, Considers Bankruptcy; DraftKings Acquires Simplebet, Berkshire Hits $1 Trillion • IH Market News • 08/29/2024 10:06:50 AM
- FOOT LOCKER, INC. TO PRESENT AT THE GOLDMAN SACHS 31ST ANNUAL GLOBAL RETAILING CONFERENCE • PR Newswire (US) • 08/28/2024 08:05:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/28/2024 01:03:36 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/28/2024 11:00:13 AM
- FOOT LOCKER, INC. REPORTS SECOND QUARTER 2024 FINANCIAL RESULTS; REAFFIRMS 2024 OUTLOOK; ANNOUNCES STRATEGIC UPDATES IN SUPPORT OF LACE UP PLAN • PR Newswire (US) • 08/28/2024 10:45:00 AM
- U.S. Futures Edge Up as Nvidia Earnings Loom, Oil Prices Slide • IH Market News • 08/28/2024 09:52:22 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/27/2024 01:53:19 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/26/2024 11:08:13 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/23/2024 01:08:37 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/22/2024 01:09:44 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/20/2024 08:05:18 PM
- FOOT LOCKER, INC. TO REPORT SECOND QUARTER FINANCIAL RESULTS ON WEDNESDAY, AUGUST 28 • PR Newswire (US) • 07/31/2024 10:45:00 AM
- BP Slashes Profit Forecast by $700 Million; Morgan Stanley Predicts S&P 500 10% Drop, and More News • IH Market News • 07/09/2024 10:54:32 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 07/08/2024 08:16:11 PM
- FOOT LOCKER REIMAGINES SNEAKER SHOPPING EXPERIENCE WITH FLX REWARDS PROGRAM RELAUNCH • PR Newswire (US) • 06/25/2024 12:00:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 06/14/2024 08:05:36 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 06/12/2024 08:13:29 PM
- Kohl’s, UiPath Shares Down, Foot Locker and Okta Should Rise • IH Market News • 05/30/2024 01:13:06 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/30/2024 11:00:12 AM
- FOOT LOCKER, INC. REPORTS FIRST QUARTER 2024 FINANCIAL RESULTS; REAFFIRMS 2024 OUTLOOK • PR Newswire (US) • 05/30/2024 10:45:00 AM
- Form SD - Specialized disclosure report • Edgar (US Regulatory) • 05/28/2024 08:22:38 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 05/23/2024 08:09:17 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 05/22/2024 08:56:23 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM