Fleet Feet, Inc.'s third quarter marked the best quarter in the companys 32-year history, with retail sales totaling $24.8 million, up 16.5% over third quarter 2007. Year-to-date sales were up 17.8% through September 2008, with $67.5 million in revenue compared to $57.3 million through September 2007. Comps increased 14% year-to-date over 2007.
“Our year-to-date results are tied directly to our local franchise owners ability to acquire new customers and deliver an exceptional experience in the stores,” said Jeff Phillips, president of Fleet Feet, Inc. “On the operational side we have battened down the hatches on financial and inventory management. Our initiatives are focused on driving up revenue and gross profit, while analyzing the effectiveness of every expense and improving the bottom line,” Phillips added.
Eight new franchised locations have opened this year, one existing retail location was converted to a Fleet Feet Sports store, and nine stores have transitioned ownership. A new store opening in Schererville, IN and an ownership transition in Pleasant Hill, CA are slated for later this year. Currently there are 90 Fleet Feet Sports locations nationwide.
This highly successful quarter could be the result of Fleet Feets corporate restructuring earlier this year. In April of this year, the company restructured its business to facilitate the best use of resources to support franchises and manage current and future growth by refining the responsibilities of three key employees.