Foot Locker, Inc. has purchased 11 stores in Ireland from the Champion Sports Group Limited. The transaction, which was effected through a wholly owned Foot Locker subsidiary, will enable the company to operate these stores under the Foot Locker brand. Including this acquisition, Foot Locker expects to operate approximately 485 stores in 14 countries throughout Europe by the end of 2004.
The acquired stores are located in highly trafficked areas, principally in the Dublin area, that average approximately 4,000 square feet. Foot Locker has offered employment to the current store associates.
“We are very pleased with this transaction and to open Foot Locker stores in the Republic of Ireland,” stated Matthew D. Serra, Foot Locker, Inc.'s Chairman and Chief Executive Officer. “The annual sales of these acquired stores are expected to be in line with the average of the Company's other stores that operate in Europe. It is further expected that the acquisition will be accretive to Foot Locker, Inc.'s fully diluted earnings per share in 2005.”
A spokesperson for Champion Sports Group Limited stated, “We are very pleased with the transaction with Foot Locker, Inc. The cooperation between the management teams of both companies facilitated a mutually beneficial transaction. The completion of this transaction will allow our company to better focus on our remaining 13 larger stores that are located in high- profile areas.”
