Foot Locker profit surges on higher sales, cost cuts
NEW YORK — Foot Locker Inc. grew its fourth-quarter profit 42% amid higher sales and cost cuts.
The company earned a better-than-expected $81 million in the three months that ended Jan. 28, up from $57 million in the year-ago period.
Revenue increased 8% to $1.5 billion, from $1.39 billion. Same-store sales were up 7.5% in quarter.
During fiscal 2011, Foot Locker opened 70 new stores, relocated or remodeled 182, and closed 127. The chain had 3,369 total stores as of Jan. 28, down from 3,426 at the end of the previous fiscal year.
For the full year, Foot Locker’s profit rose 65% to $278 million. Total revenue grew 11% to $5.62 billion from $5.05 billion.
“The strategies our team identified and began implementing two years ago have elevated our financial and operational performance to new heights,” said Ken Hicks, chairman of the board and CEO of Foot Locker Inc. “As a result of the efforts of our entire team, we approached or surpassed many of the financial goals the organization set for ourselves in just the second year of our current five year plan.”