Foot Locker posts another record quarter

Foot Locker, the big U.S. retail chain of athletic footwear and apparel, has reported quarterly sales of $1,638 million in the first three months of its financial year up by 3.8 percent compared with the previous year’s period. The sales increase on a store-comparable basis was 5.2 percent, excluding foreign currency effects 4.1 percent. The company, which recently announced the takeover of Runners Point, one of its European competitors, managed to increase its net profit to $138 million, up from $128 million for the same period which ended May 4. Ken C. Hicks, chief executive and chairman of the board, said that the quarter was the best in the company’s history in terms of profit for the second time in a row. As of May 4, Foot Locker counted 3,321 outlets in 23 countries plus 45 franchised doors in the Middle East and South Korea. Compared with one year ago, the chain opened 25 new stores, but shut down 39, while 64 were refurbished or relocated.


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