Foot Locker, Inc. reported sales for the third quarter of $1.43 billion, up 1.6% from last year's $1.41 billion. For the third quarter, comparable store sales decreased 0.3%.
For the year-to-date period, sales increased 0.2% to $4.10 billion, from $4.09 billion in the corresponding period last year. Comparable-store sales for the company's first nine months of its 2006 fiscal year decreased 0.4%.
Excluding the effect of foreign currency fluctuations, total sales for the quarter and YTD increased 0.4% and decreased 0.2%, respectively.
“For the third quarter of 2006, each of our North American and Asia/Pacific retail store divisions posted comparable-store sales increases in the low-to-mid single digit range,” stated Matthew D. Serra, Foot Locker, Inc.'s Chairman and Chief Executive Officer. “These results were offset by the continuation of a challenging athletic retail environment in Europe that contributed to a high single-digit comparable-store sales decline at our business in that region. We are encouraged, however, that our comparable-store sales trend in Europe improved somewhat during the month of October from the previous two months and Foot Locker Europe's third quarter division profit margin rate is expected to be strong at the low double-digit level.”
The company expects that earnings for the third quarter will be in the range of 39 cents to 41 cents per share, in line with the guidance provided at the beginning of the quarter.
