Foot Locker, Inc. posted a 0.6% decrease in 13-week fourth quarter sales to $1,553 million from $1,564 million in the comparable period last year. For this same 13-week period, comparable store sales decreased 3.4%.
For the 52-week period ended January 27, 2007, sales were $5,651 million, compared with $5,653 million reported in the company's corresponding period last year. Comparable-store sales for the company's same 52-week period decreased 1.2%.
Excluding the effect of foreign currency fluctuations, total sales for the 13-week and 52-week periods decreased 2.4% and 0.8%, respectively.
The company's fiscal year ended on February 3, 2007, reflecting a 14-week fourth quarter and 53-week total year in accordance with the National Retail Federation's recommended calendar. The sales results above are presented on the basis of a 13-week fourth quarter and 52-week total year, which the company believes is a more-appropriate comparison with last year. Sales in 2006 for the 14th week of the fourth quarter and 53rd week of the total year, which are not included in the above results, amounted to $92 million.
“Our consolidated fourth quarter gross margin rate and total SG&A expenses were favorable to our initial expectations, helping to offset our comparable- store sales decline,” stated Matthew D. Serra, Foot Locker, Inc.'s Chairman and Chief Executive Officer. “As a result, we currently expect that our fourth quarter earnings per share for the 14-week period ending February 3, 2007 will be towards the high end of our previous guidance and be in the range of $0.67 to $0.69 per share. This represents a 10 to 13 percent increase versus the $0.61 per share amount that the Company earned for the fourth quarter of last year.”
