Foot Locker, Inc. expects its first quarter earnings to be in a range of 10 cents to 11 cents per share. This range reflects a decrease from the Company's original estimate of 34 cents to 37 cents per share.
“The shortfall in our expected earnings primarily reflects a first quarter comparable-store sales decline of 5.1 percent and additional markdowns taken in our U.S. stores,” stated Mathew D. Serra, Foot Locker Inc.'s Chairman and Chief Executive Officer. “While first quarter sales and earnings at our U.S. store businesses fell short of our expectations, our financial results from our international units were generally in line with our plan with earnings increasing from last year's comparable period.”
The Company's financial position continued to strengthen during the first quarter as its cash position, net of debt, increased by approximately $85 million from the same time last year. During the first quarter of 2007, the Company repurchased 1.2 million shares of its common stock for $26 million under a three-year $300 million share repurchase program.
