×
467
Fashion Jobs
BHARTI AIRTEL LIMITED
Territory Manager- Dth Sales - Rajahmundry
Permanent · Rajahmundry
ZYDUS WELLNESS
Zydus Wellness - Factory Manager - Sikkim Plant
Permanent · Atlanta
ANUSHÉ PIRANI
Social Media & Fashion Communications
Permanent · MUMBAI
HARSH CLEAN DHAN PVT. LTD
Area Sales Manager (Modern Trade Sales) For North East
Permanent · Guwahati
RANDSTAD INDIA PVT LTD
Area Sales Manager (Consumer Durable Industry)
Permanent · Mumbai
AVRO INDIA LIMITED
Area Sales Manager- Ludhiana, Amritsar/ mP-Indore, Bhopal
Permanent · Ludhiana
AVRO INDIA LIMITED
Area Sales Manager- Ludhiana, Amritsar/ mP-Indore, Bhopal
Permanent · Ludhiana
SOSYO HAJOORI BEVERAGES PRIVATE LIMITED
Area Sales Manager
Permanent · Mumbai
VIKRAM TEA PROCESSOR PVT LTD
Area Sales Manager
Permanent · Ahmedabad
HERITAGE FOODS INDIA
Area Sales Manager(Hyderabad & Vijayawada) @ Hfl
Permanent · Hyderabad
NASH INDUSTRIES (I) PVT. LTD.
Production Manager Position With Nash Industries-Pune
Permanent · Pune
ACCELERATE SOCIAL WELFARE FOUNDATION
Area Sales Manager
Permanent · Noida
VR INDUSTRIES PVT. LTD
Area Sales Manager
Permanent · Chennai
G.R. BATHLA & SONS
Marketing Executive/Area Sales Manager
Permanent · Ludhiana
PEOPLE ALLIANCE WORKFORCE PRIVATE LIMITED
Cutting Manager/Production Head - Garments Industry
Permanent · Bhiwandi
KALPA ELECTRIKAL PVT. LTD
Hiring For Production in Charge/ Manager (8-15 Yrs Exp)
Permanent · Bengaluru
TARGET PUBLICATIONS
Regional Sales Manager
Permanent · Mumbai
THE BANYAN HR CONSULTS
Head HR For Garments Manufacturing Company at Chengalpattu, Tamil Nadu
Permanent · Chennai
IUMENTAS LIFE SCIENCE
Veterinary Sales Manager For The State of Assam
Permanent · Guwahati
HINDCO RECRUITMENT CONSULTANTS
Production Manager| Leading Plastic Manufacturing Company| Umbergaon
Permanent · Navsari
HINDCO RECRUITMENT CONSULTANTS
Production Manager| Leading Polythread Manufacturing Company| Ranchi
Permanent · Ranchi
ENGGSERVICES2INDIA
Production Quality Manager - Immediate Requirement
Permanent · Bengaluru
Published
Nov 21, 2016
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Foot Locker net income jumps in Q3 and year-to-date

Published
Nov 21, 2016

Foot Locker continued its positive sales performance in its third quarter. The footwear retailer on Friday reported its third quarter and year-to-date results ending on October 29, 2016, which includes an increase in sales and net income.


Foot locker


 
Third quarter total sales increased 5.1% to $1,886 million from $1,794 million in the third quarter of 2015, and comparable store sales increased 4.7%.
 
Gross margin increased slightly to 33.9 percent of sales compared to 33.8 percent of sales in the prior year, and the SG&A expense rate improved 20 basis points to 19.4% of sales.

Net income increased to $157 million, or $1.17 per share, compared to net income of $80 million, or $0.57 per share, in the previous year.
 
"Our outstanding track record of meaningful sales and profit growth over several years is a strong testament to Foot Locker, Inc.'s solid position at the center of sneaker culture," said Richard Johnson, Chairman of the Board and Chief Executive Officer.  "Our associates work hard every day to make our Company the sneaker lover's preferred destination for the best footwear and apparel assortments across our array of outstanding athletic vendors.  That work translated once again into an exceptional quarterly sales and profit performance."
 
Also in the third quarter, Foot Locker performed a scheduled reassessment of its intellectual property driven by the success of the Foot Locker business in Europe. The new valuation resulted in increased deductions that reduced tax expense by $10 million. Excluding the new valuation, a pre-tax impairment charge of $6 million, and $100 million pension litigation charge, Foot Locker non-GAAP earnings increased 13% to $1.13 per share versus $1.00 per share in 2015.
 
The positive performance of Foot Locker Europe opens up opportunity for the sneaker retailer. On November 17, Foot Locker announced the addition of global leadership experts Ulice Payne, Jr. and Kimberly K. Underhill to its Board of Directors, effective December 1, 2016.
 
Lauren Peters, Executive Vice President and Chief Financial Officer, added, "The Company continued to execute its strategic initiatives and produce excellent financial results in the quarter, with solid, consistent top-line growth, as well as incremental improvements in both gross margin and SG&A rates. Our inventory is fresh and well-positioned as we prepare for the important holiday selling season, and we remain well on track to achieve our annual guidance of a mid-single digit comparable-store sales gain and double-digit earnings per share growth."
 
The company reported $128 million in debt from cash totaled $865 million. $76.3 million was spent repurchasing 1.15 million shares, and year-to-date, the company invested $193 million in its stores, websites and infrastructure, tracking to approximately $290 million.
 
Year-to-date sales increased 4.6% to $5,653 million from $5,405 million, and year-to-date comparable sales increased 4.0%. Net income also increased to $475 million, or $3.50 per share, from $383 million, or $2.71 per share.

Copyright © 2021 FashionNetwork.com All rights reserved.