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Actionable news in FL: FOOT LOCKER Inc,

Footlocker: N E W S R E L E A S E Contact: John A. Maurer Vice President,

The following excerpt is from the company's SEC filing.

Treasurer and Investor Relations

Foot Locker, Inc.

(212) 720-4092


GAAP Earnings of $80 Million, $0.57 Per Share

Non-GAAP Earnings Per Share Increased 20 Percent to $1.00

Non-GAAP Net Income Increased 17 Percent to $141 Million

Comparable-Store Sales Increased 8.7 Percent

Gross Margin Rate Improved 60 Basis Points

SG&A Rate Improved 80 Basis Points

NEW YORK, NY, November 20, 2015 – Foot Locker, Inc. (NYSE: FL), the New York-based specialty athletic retailer, today reported financial results for its third quarter ended October 31, 2015.

Third Quarter Results

Net income for the Company’s third quarter ended October 31, 2015 was $80 million, or $0.57 per share. This result included a $100 million pre-tax litigation charge that relates to the previously disclosed trial court decision in a lawsuit involving the Company’s conversion of its pension plan in 1996, a decision which is currently being appealed. Excluding this charge, which reduced after-tax earnings by 43 cents per share, non-GAAP earnings were $1.00 per share, a 20 percent increase over the 83 cents per share the Company earned in the same period last year on a comparable basis.

Third quarter comparable-store sales increased 8.7 percent. Total sales increased 3.6 percent, to $1,794 million this year, compared with sales of $1,731 million for the corresponding prior-year period. Excluding the effect of foreign currency fluctuations, total sales for the third quarter increased 8.9 percent. The Company’s gross margin rate improved to 33.8 percent of sales from 33.2 percent a year ago, while the selling, general, and administrative expense rate improved to 19.6 percent of sales from 20.4 percent.

“This quarter, in fact this entire year, has offered a perfect illustration of how building diversity into our business has helped us sustain record-setting growth over multiple quarters and years,” said Richard Johnson, President and Chief Executive Officer. “We have built strength across different banners and channels; we have a global footprint; we have excellent momentum in men’s, women’s, and kids’; and we have multiple legs to our product category stool, with leadership positions in basketball, running, and classic sneakers.”

Year-To-Date Results

Net income for the Company’s first nine months of the year increased to $383 million, or $2.71 per share, compared to net income of $374 million, or $2.55 per share, for the corresponding period in 2014. Excluding the litigation charge noted above, earnings per share for the first nine months totaled $3.14, a 22 percent increase over the same period last year.


112 West 34

Street, New York, NY 10120

Year-to-date sales were $5,405 million, an increase of 3.1 percent compared to sales of $5,240 million in the corresponding nine-month period of 2014. Year-to-date comparable store sales have increased 8.7 percent.

Excluding the effect of foreign currency fluctuations, total sales year-to-date have increased 8.9 percent.

Financial Position

At October 31, 2015, the Company’s merchandise inventories...