Fleet Feet recorded 19.9% growth in sales in 2006 surpassing $63 million in revenue compared to $52 million in 2005. Comp-store sales were up 17.5% on top of the 16.1% increase posted in 2005. The franchisor expects to add 7 more franchisees this year.
“Our franchise owners and store associates deserve the credit for our success. The breadth of customers they are attracting is much greater than it was just a few years ago,” said Jeff Phillips, president of Fleet Feet.
Brooks was the fastest growing footwear brand in 2006 with a 33% increase. Asics saw a 26% increase; and, New Balance rounded out the top three with a sales increase of 14%. In apparel, Brooks exceeded the growth of its competitors by driving a 40% increase, Moving Comfort saw a 26% increase, and Nike was third with a 21% increase.
On the market share front, Asics and Brooks continued to distance themselves from the pack. Asics made up 26% of combined footwear and apparel sales and Brooks represented 22% of sales for the two categories.
Fleet Feet added ten new franchise owners to the network in 2006. Five new franchise locations were opened and five existing locations changed ownership. Three of the five ownership transitions involved former employees taking the franchise reins, bringing the total number of franchises owned by former employees to fifteen.
Fleet Feet has already added five stores in 2007, including locations in Annapolis, MD, Murfreesboro, TN, Knoxville, TN, Orlando, FL, and American Fork, UT. It plans to add about seven more by the close of the year. Currently, there are 75 Fleet Feet Sports locations nationwide.