Foot Locker, Inc. reported first-quarter earnings jumped 36.2 percent to $128 million, or 83 cents per share, from $94 million, or 60 cents, a year ago. Sales increased 8.7 percent to $1.58 billion, as compared
with sales of $145 billion for the corresponding prior-year period. Excluding
the effect of foreign currency fluctuations, total sales for the first
quarter increased 9.8 percent. Comparable-store sales increased 9.7 percent.
“2012 has gotten off to an outstanding start, with our first quarter results representing the highest level of quarterly earnings in the Company's history as an athletic business,” said Ken C. Hicks, Chairman of the Board and Chief Executive Officer of Foot Locker, Inc. “The first quarter continued our recent track record of meaningful sales and profit increases over the comparable prior-year periods. We remain focused on executing the initiatives of our updated strategic plan and objectives in order to continue to drive our strong financial performance.”
Financial Position
Merchandise inventory at the end of the first quarter was $1,146 million, which was $13 million, or 1.1 percent, lower than at the end of the same period last year.
During the first quarter of 2012, the Company repurchased 878,700 shares of its common stock for approximately $27 million under the Company's $400 million share repurchase program which, as previously announced, its Board of Directors authorized earlier this year. At the end of the first quarter, the Company's cash and short-term investments totaled $909 million. The Company's total cash position, net of debt, was $774 million, a $111 million increase over the same time last year. “Our strong financial position will enable us to increase our investment in what we believe will be high-return growth opportunities, as we pursue the elevated financial goals of our updated long range plan,” stated Lauren B. Peters, Executive Vice President and Chief Financial Officer.
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FOOT LOCKER, INC. |
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First Quarter 2012 |
First Quarter 2011 |
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Sales |
$ 1,578 |
$ 1,452 |
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Cost of sales |
1,041 |
977 |
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Selling, general and administrative expenses |
306 |
298 |
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Depreciation and amortization |
29 |
27 |
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Interest expense, net |
1 |
2 |
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Other Income, net |
– |
(1) |
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|
1,377 |
1,303 |
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Income before income taxes |
201 |
149 |
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Income tax expense |
73 |
55 |
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Net income |
$ 128 |
$ 94 |
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Diluted EPS: |
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Net income |
$ 0.83 |
$ 0.60 |
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Weighted-average diluted shares outstanding |
154.3 |
155.7 |
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