Slight improvement in sales at Foot Locker
New York-based specialty athletic retailer Foot Locker, Inc. has reported a slight improvement in its fourth quarter and full year results, ended February 3.
Sales increased 5.6% for the fourth quarter to reach $1,652 million compared with $1,564 million in the comparable quarter a year earlier, although comparable store sales decreased 3.4%. Net income increased to $113 million from $96 million.
For the full year, sales improved 1.7% to $5,750 million from $5,653 million in the prior year, whilst comparable store sales slipped 1.2%. Net income for the full year was $251 million.
In 2007, the company plans to open 100 new stores and close between 100 and 150 poorly performing stores, whilst remodelling or relocating 200 to 300 stores in its existing athletic footwear and apparel formats. It also aims to open 70 new family footwear stores under the Footquarters name and expand its franchising operation in the
