Foot Locker posts highest ever annual sales and profit
Foot Locker, the athletic retailer, saw positive results in both Q4 2014 and the full fiscal year. In the fourth quarter, net income reached $146m, which equates to earnings of $1.01 per share, an increase of 25% over earnings per share of $0.81 for the 13-week period ended February 1, 2014. Comparable store sales in Q4 rose 10.2% and total sales rose 6.7% to $1,911m.
For the full fiscal year, the company reported a net income of $520 million compared to a net income of $429 million a year earlier. Foot Locker generated its fifth consecutive double-digit percentage increase in annual earnings per share in 2014, and its fourth consecutive year of record earnings as Foot Locker, Inc.
Total sales rose 9.9% to $7,151m, the highest level of sales ever recorded by the Company as Foot Locker, Inc., compared with sales of $6,505m last year. Comparable-store sales rose 8% in 2014.
"We remain intently focused on executing our key strategies," said Richard Johnson, President and Chief Executive Officer. "Along with elevating the level of investments in our stores, digital capabilities, support facilities, and --- most importantly --- our people, that focus has enabled us to develop into a high- performance company that has reached record heights of financial and operational success."
"Looking ahead," Mr. Johnson continued, "we intend to stay focused on our strategic priorities and seize opportunities to raise the bar again and achieve our next set of financial milestones, the details of which we look forward to sharing on March 16 at our New York headquarters."
At year-end 2014, Foot Locker's cash and cash equivalents totaled $967 million, while the debt on its balance sheet was $134m.
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